Wunderlich Lowers Price Target for Green Bankshares, Inc.

Green Bankshares, Inc. GRNB showed a strong 2Q, but Wunderlich has lowered its price target to $12 from $14, while maintaining its "hold" rating. Overall asset quality deteriorated even though 2Q results exceeded expectations, and it is clear that some credit issues remain for the foreseeable future, according to Wunderlich. 2Q EPS were $0.12, $0.04 better than Wunderlich's estimate, and the provision for loan losses totaled $4.8M vs. the $5.1M estimate. Green Bankshares, Inc. closed yesterday at $10.23.