As previously reported, DA Davidson analyst Peter Winter upgraded Prosperity Bancshares to Buy from Neutral with an unchanged $79 price target. The stock has fallen to 52-week lows due to a meltdown in regional banking names, but the issues at SVB Financial (SIVB) and Silvergate (SI) are "idiosyncratic" and have no bearing on Prosperity Bancshares, the analyst tells investors in a research note. The bank is a "great defensive stock" given its low risk balance sheet, strong deposit franchise, and peer leading capital ratios, the firm added.
Published first on TheFly
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