Old National Bancorp initiated with a Neutral at UBS

UBS initiated coverage of Old National Bancorp (ONB) with a Neutral rating and $25 price target The firm says that following a multi-year period of balance sheet expansion, Old National enters a new phase in 2026 focused on generating earnings growth through organic expansion, operating leverage, and capital return. UBS, however, sees a lack of near-term catalysts for the stock to re-rate higher.