J.P. Morgan Upgrades Signature Bank To Overweight Rating (SBNY)

In a recent report, J.P. Morgan has upgraded Signature Bank SBNY from Neutral rating to an Overweight rating after the recent pullback created a good entry point. In the report, J.P. Morgan said, "Looking at the price performance of SBNY over the past year, dips in the stock have tended to be short lived. With the shares having pulled back 5% since earnings, this is one such dip that we would take advantage of, and given total return potential to our unchanged December 2011 price target of $65, we are upgrading the shares to Overweight." J.P. Morgan has maintained a price target of $65.00 on Signature Bank. Signature Bank closed Friday at $54.60.