Old National Bancorp price target lowered to $27 from $29 at Raymond James

Raymond James lowered the firm’s price target on Old National Bancorp (ONB) to $27 from $29 and keeps a Strong Buy rating on the shares. Old National has transformed its franchise by investing in higher-growth markets while reducing low return businesses and its reliance on low-growth markets, completing 11 whole-bank acquisitions and one FDIC-assisted acquisition, which have re-positioned the bank for improved organic loan growth given the faster-growth nature of the markets that it added, the analyst tells investors in a research note. The bank is well-positioned to continue producing solid organic growth, as well as realize synergies from recent acquisitions, allowing for relatively attractive EPS growth, the firm argues.