Sterne Agee Upgrades Glacier Bancorp To Buy

According to Sterne Agee, Glacier Bancorp GBCI is upgraded to Buy. Sterne Agee said that it is upgrading the shares of GBCI given the recent pullback in the shares (-22% in the last 3 months) and lower valuation (1.15x TBV), as it believes the current price offers an attractive risk/reward perspective. “Our PT of $13.25 is based on 12.5x our FY12 estimate, equating to 1.25x our forward TBVPS estimate.” Glacier Bancorp closed yesterday at $25.68.