The firm upgraded the stock to outperform from underperform.
Prosperity Bancshares is a safe pick in a sector that's been recently defined by risk, according to Wolfe Research. Analyst Bill Carcache double-upgraded the regional bank stock to outperform from underperform, saying the bank has "relative safety on high ground" amid sector turmoil that was initially ignited by the closure of Silicon Valley Bank in March and reignited by the auction won by JPMorgan for First Republic Bank this week.
That's of increasing importance as industry insiders expect more stringent regulations following the recent bank failures, he said. Prosperity's "exceptional" credit should also remain, he said, adding that conservative underwriting is the bank's DNA. He said that the bank has historically had fewer write-offs than regional peers. Meanwhile, he said Prosperity should outperform peers in the deposit franchise.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pfizer Stock Price | PFE Stock - Investing.comGet today's Pfizer stock price and latest PFE news as well as Pfizer real-time stock quotes, technical analysis, full financials and more.
Read more »
American Airlines stock falls after pilots vote ‘overwhelmingly’ to strike if necessaryShares of American Airlines Group Inc. fell 0.6% in premarket trading Monday, after the air carrier’s pilots voted “overwhelmingly” in favor of authorizing a...
Read more »
New York Stock Exchange exec mulling Michigan Senate bidThe vice chair of the New York Stock Exchange is considering a run for Senate in Michigan, where Republicans have been searching for a candidate for retiring Sen. Debbie Stabenow’s seat.
Read more »
Morgan Stanley upgrades GM, says stock is oversoldMorgan Stanley is eyeing General Motors with a bull-case scenario that could see the stock gain as much as 82%.
Read more »
5 things to know before the stock market opens MondayHere are the most important news items that investors need to start their trading day.
Read more »
ON Semiconductor stock rises after upbeat earnings outlookON Semiconductor Corp.’s stock was rising more than 4% in Monday’s premarket action after the automotive chip company topped expectations for its latest...
Read more »