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Sandler O'Neill upgrades Flushing Financial on valuation

Sandler O'Neill analyst Mark Fitzgibbon upgraded Uniondale, N.Y.-based Flushing Financial Corp. to "buy" from "hold" on valuation

The company's stock is trading at "a significant discount to peers," at just about tangible book value. This, according to the analyst, makes Flushing's valuation "quite attractive."

Another reason for the upgrade is earnings expectations for the bank. Fitzgibbon and other analysts lowered earnings estimates after the bank missed expectations in the second quarter, setting a more conservative outlook for the bank. "We think, if anything, earnings surprises could be on the upside in [the third quarter of 2019] and beyond."

The analyst also believes the bank may buy back more stock, with about 470,000 shares remaining in its authorized stock repurchase program.