In a report published Friday, Citigroup reiterated its Neutral rating on Huntington Bancshares HBAN, and slightly raised its price target from $6.50 to $7.50.
Citigroup noted, “At a recent competitor conference when HBAN was asked its thoughts about its appetite for M&A, it responded that although organic growth was the primary focus HBAN is also ‘focused on M&A.' HBAN said that they would look at acquisitions of banks in their Midwest footprint with ~$500 mm to $2.5 bb in size. On the 3Q12 conference call, we expect heightened focus around HBAN's position on M&A given the aforementioned comments and the recent acquisition of CRBC by FMER.”
Huntington Bancshares closed on Thursday at $6.90.
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