Keefe Bruyette & Woods is updating its estimates on Sun Bancorp SNBC after recently posting an operating EPS loss of -$3.14 including a full DTA valuation allowance that negatively impacted GAAP equity.
Relative to its forecast, Sun's results missed on a higher provision as management seeks to accelerate a balance sheet clean-up process now that it is armed with fresh capital. Lowering estimates, target.
KBW has a Market Perform rating and $4.50 PT on SNBC
SNBC closed Monday at $4.08
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