Park National initiated with a Market Perform at Raymond James

Raymond James initiated coverage of Park National (PRK) with a Market Perform rating and no price target While the bank’s balance sheet has been stagnant for several years, Park is “currently clicking on all cylinders” and the firm expects it to leverage its strong currency in a transaction to overcome regulatory headwinds. However, the firm believes the positive attributes of Park’s business are accurately reflected in the stock’s premium valuation.