UPDATE: Oppenheimer Color On FMER Upgrade

Oppenheimer, which upgraded shares of FirstMerit Corporation FMER, is providing some color on the stock. “The stock has underperformed this year (-17% YTD vs. -2% for the NASDAQ bank index), and we feel the pullback provides an opportunity to own a high-quality $1.8B market cap bank with a well-respected management team,” Oppenheimer writes. “Acquisition opportunities across the Chicago marketplace, principally FDIC-assisted deals over the near-to-mid term, have the potential to drive earnings estimates meaningfully higher.” FirstMerit closed Monday at $16.50.