UPDATE: Jefferies Color on Susquehanna Bancshares Upgrade

Jefferies, which upgraded shares of Susquehanna Bancshares, Inc. SUSQ, is providing some color on the stock. “We have adjusted our model to account for the Tower deal: 1) 2011 holds at $0.40, 2) 2012 goes to $0.70 from $0.65, 3) 2013 goes to $1.00 from $0.90. Assumptions on Tower deal include: 1) 3/31/12 close, 2) $30mm of costs saves by 2013, 3) 4% cost of financing on $88mm cash consideration, and 4) no revenue synergies,” Jefferies writes. Susquehanna Bancshares closed Tuesday at $7.69.