Kevin Swanson of Hovde Group is now covering Monroe, Mich.-based MBT Financial Corp.'s stock. He gave it an "outperform" rating and set the price target at $12.
The analyst introduced MBT Financial's EPS estimates at 81 cents for 2018, 85 cents for 2019 and 91 cents for 2020.
Swanson wrote that MBT Financial, like many banks in Michigan, was affected badly by the Great Recession. The company, however, has experienced a significant recovery in its core footprint since then, and its management has displayed meaningful improvement to core profitability, asset quality, capital levels and balance sheet composition, the analyst wrote.