** Shares of Old National Bancorp ONB.O rise 0.8% to $23.12 premarket

** Raymond James upgrades its rating on ONB to "strong buy" from "market perform" following the regional lender's $1.4 bln deal for privately held Bremer Financial

** Brokerage says the deal creates a compelling strategic combination giving ONB a top three market share in the Minneapolis–Saint Paul region, while also giving it exposure to a more rural footprint throughout the upper Midwest

** ONB shares closed up 6% on Monday after the deal was announced

** Raymond James expects positive momentum in ONB stock to continue as the strong boost to EPS continues to garner investor interest

** ONB expects deal to boost EPS by 22% by 2026-end

** Five of seven brokerages rate the stock "buy" or higher, and two "hold"; median PT $27 - LSEG data

** As of last close, ONB shares up 35.8% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))