Wunderlich Reiterates Buy Rating On Bank Of Marin Bancorp

According to Wunderlich, Bank of Marin Bancorp BMRC Buy rating is reiterated. Wunderlich said that it is raising its price target by $2 to $42. “BMRC reported 1Q11 EPS of $0.84, which was $0.16 above consensus and our estimate, and $0.12 above the highest Street estimate. BMRC's first-ever acquisition contributed to record earnings in 1Q11 as a significantly higher NIM than we had modeled yielded better-than-expected net interest income. Credit quality remained among the strongest of banks in the WSI Research Universe, as expected. We believe that current levels understate the value of BMRC's strong management team and low-risk credit profile, hence our Buy rating.” Bank of Marin Bancorp closed on Thursday at $37.01.