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KBW upgrades First Busey to 'outperform'

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KBW upgrades First Busey to 'outperform'

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Keefe Bruyette & Woods analyst Michael Perito upgraded Champaign, Ill.-based First Busey Corp.'s stock rating to "outperform" from "market perform" and raised the price target to $37 from $36.

According to the analyst, First Busey's earnings results have met or exceeded consensus expectations in three of the past six quarters, with the three misses "really just penny variances that haven't materially altered the earnings outlook or profitability profile of the company."

Perito wrote that First Busey's management remains open to all options with respect to the $10 billion asset threshold, including acquiring several smaller banks; pursuing a merger of equals; and partnering with a larger institution. The analyst mentioned Old Second Bancorp Inc. as one of several targets that the company might purchase. Byline Bancorp Inc., Midland States Bancorp Inc. and Enterprise Financial Services Corp. might be merger-of-equals candidates.

In the event of First Busey opting to sell itself, the analyst listed MB Financial Inc. and UMB Financial Corp. as potential acquirers, and First Midwest Bancorp Inc., Wintrust Financial Corp., Great Western Bancorp Inc. and First Merchants Corp. as possible acquirers in the longer term.