Oppenheimer Sees 100% Upside In Marshall & Ilsley (MI)

Oppenheimer & Co. sees 100% upside in Marshall & Ilsley Corp. MI, as it has a $9.50 price target and a Overweight rating on shares. In a note sent to investors, Oppenheimer writes, "We see M&I creeping back to profitability by the middle part of 2011 with our FY11 and FY12 EPS estimates at $0.20 and $0.70, respectively. Getting closer to earning a profit is hugely important for M&I as it relates to the questions surrounding its deferred tax asset (DTA). At the current price, we feel the market is overlooking the value of M&I's asset management business and the underlying health of the company's Midwest loan portfolio. We are maintaining our Outperform rating on the stock and would recommend investors take a look at M&I after the pullback in price below $5." Shares of MI gained 6 cents yesterday to close at $4.81.