KBW Raises EFSC Earnings Estimates

KBW is raising its earnings estimates on Enterprise Financial Services Corp. EFSC. “Enterprise recently announced it purchased approximately $130mm of assets related to the failure of Scottsdale, Arizona-based Legacy Bank from the FDIC,” KBW writes. “Although Legacy assets represent only 5% of EFSC's 3Q10 pro forma assets, the deal increases the company's Arizona assets to roughly $400mm. Following the announcement, we are raising our earnings estimates and price target to reflect expected earnings accretion from the transaction.” Enterprise Financial Services Corp. currently trades at $11.31.