Tiger Brokers

BUZZ-First Busey gets 'market perform' rating as Hovde starts coverage

Reuters
Jun 30
BUZZ-First Busey gets 'market perform' rating as Hovde starts coverage

** Hovde Group initiates coverage of regional lender First Busey BUSE.O with "market perform" rating

** Brokerage says BUSE's CrossFirst Bank deal is a pivotal point for the franchise over the next five years

** Says BUSE's fortunes are now tied to the successful integration of CrossFirst and delivering better organic growth

** BUSE shares could remain range bound at relatively muted valuations if growth doesn't get visibly stronger, Hovde says

** Hovde's $25 PT on BUSE represents a 7.7% upside to stock's last close

** 3 of 5 brokerages rate the stock "buy" or higher and 2 "hold"; median PT $26 - data compiled by LSEG

** As of last close, BUSE stock down 1.5% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com))

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