Oppenheimer Maintains Outperform Rating On Citizens Republic Bancorp

According to Oppenheimer, Citizens Republic Bancorp CRBC shares declined 20% in June and 22% in 2Q11, underperforming the NASDAQ Bank index which fell 2% and 3%, respectively. Oppenheimer said that, given the recent underperformance of CRBC shares, it views the pullback as an opportunity to purchase shares at an attractive 0.81x tangible book value multiple. “We are maintaining our FY11, FY12 and FY13 EPS estimates of ($0.13), $0.20 and $0.21—equivalent to ($1.27), $1.96 and $2.06 on a post-split basis.” Citizens Republic Bancorp closed yesterday at $0.69.