RBC Capital analyst Jon Arfstrom upgraded UMB Financial (UMBF) to Outperform from Sector Perform with an unchanged price target of $128 after meeting with management. The overall message was positive as management sees an “extended runway” for growth, accelerating contributions from Heartland, the analyst tells investors in a research note. Further, UMB has little interest for larger acquisitions at this time, adds RBC.
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