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Sandler O'Neill upgrades Sandy Spring Bancorp on deal announcement

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Sandler O'Neill upgrades Sandy Spring Bancorp on deal announcement

Sandler O'Neill analyst Casey Whitman upgraded Olney, Md.-based Sandy Spring Bancorp Inc. on its pending acquisition of Rockville, Md.-based Revere Bank that will push the bank above the $10 billion asset threshold.

The analyst has a positive outlook on the deal, noting Revere Bank's 17% loan growth over the past year and the geographic expansion that further solidifies Sandy Spring Bancorp's position as the largest community bank headquartered in the greater Washington, D.C., region.

The analyst upgraded the company's rating to "buy" with a price target of $38. She updated her EPS estimates to reflect a lower loan growth outlook and a lower net interest margin outlook due to the interest rate environment. Her estimates are $3.24 for 2019 and $3.39 for 2020.