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Ahead of the Bell: Cardinal Financial upgraded
NEW YORK (AP) — A Baird analyst on Wednesday upgraded Cardinal Financial Corp., the parent company of a Virginia bank, saying he expects strong profit growth.
The bank is restructuring its deposits at lower interest rates while its loan portfolio remains strong, wrote analyst Bryce Rowe in a note to investors. He expects compounded earnings-per-share growth to exceed 25 percent a year over the next four years.
Rowe boosted his rating on the stock from "Neutral" to "Outperform."
His price target on Cardinal's shares is $9, which implies a gain of 23 percent from Tuesday's closing price. However, he cautioned that broader declines in bank stocks could weigh on Cardinal's shares.
Rowe expects earnings of 37 cents per share in 2009 and 49 cents per share in 2010.