Keefe Bruyette upgraded Nicolet Bankshares (NIC) to Outperform from Market Perform with a price target of $160, up from $135. Nicolet Bankshares last week announced plans to acquire MidWestOne (MOFG) in an all-stock deal valued at $864M, creating a $15B+ in assets bank that will cover five states across the upper Midwest, the analyst tells investors in a research note. The combined earnings power of the companies will create a top decile-performing bank with strong pro forma capital levels, the firm adds.
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