UPDATE: Keefe, Bruyette & Woods Upgrades Fulton Financial On Good Capital Return Opportunity

In a report published Monday, Keefe, Bruyette & Woods analyst Christopher McGratty upgraded the rating on Fulton Financial Corp. (NASDAQ: FULT) from Market Perform to Outperform, and reiterated the $14.00 price target.

In the report, Keefe, Bruyette & Woods noted, “In our fifth edition of our new product, Making the Case, we highlight Fulton Financial (FULT) and are upgrading the shares to Outperform (from Market Perform). Year to date, the stock has fallen -12%; when coupled with two consecutive quarters of positive estimate revisions, the multiple has compressed to just 11.7x our 2015E—now the fifth cheapest bank in the 50-bank KRX index despite in-line profitability and the opportunity for above-average capital return.”

Fulton Financial closed on Friday at $11.55.