Keefe Bruyette & Woods Updates Estimates On Sun Bancorp Following Earnings Miss

Keefe Bruyette & Woods is updating its estimates on Sun Bancorp SNBC after recently posting an operating EPS loss of -$3.14 including a full DTA valuation allowance that negatively impacted GAAP equity. Relative to its forecast, Sun's results missed on a higher provision as management seeks to accelerate a balance sheet clean-up process now that it is armed with fresh capital. Lowering estimates, target. KBW has a Market Perform rating and $4.50 PT on SNBC SNBC closed Monday at $4.08