Oppenheimer Maintains Outperform On Citizens Republic Bancorp (CRBC)

Oppenheimer & Co. has an Outperform rating and a $1.40 price target on shares of Citizens Republic Bancorp CRBC. In a note to clients, Oppenheimer writes, "As an outsider it is difficult to comprehend the incredible amount of time and energy that went into Citizens' multi-quarter accelerated problem asset plan in which $926M of loans were resolved. What we can say is that credit trends improved considerably in 1Q11 and we foresee the company's returning to consistent profitability in 2H11. We are now modeling a breakeven quarter in 2Q11 and forecast growing capital ratios. Our $1.40 price target equals 1.0x estimated '12E year-end tangible book value and 7x our '12E EPS." Shares of CRBC gained 1 cent on Friday to close at 92 cents.