Wunderlich Securities Reiterates Buy on Home Bancshares, Raises PT to $29

Wunderlich Securities reiterated its Buy rating on Home Bancshares HOMB. At the same time, Wunderlich raised its price target on the company's stock from $26 to $29. In a research report published today, Wunderlich states, "We reiterate our Buy rating on shares of Home BancShares (HOMB) and we are raising our price target from $26 to $29. On Tuesday, HOMB announced the recovery of $4.4 million in loans that were charged-off in 4Q10 with proceeds added back to the allowance for loan losses. With an allowance in excess of 3.00% of non-covered loans, improving asset quality, and a TCE ratio above 10%, we believe HOMB is very well positioned to drive improving earnings power while continuing to grow via opportunistic FDIC-assisted acquisitions in its current and target markets." On Tuesday, Home Bancshares added 1.18% to its value to close the day at $23.98.