Oppenheimer Expects Associated Banc To Grow in '11 (ASBC)

Oppenheimer published a research report for Associated Banc-Corp. (NASDAQ: ASBC) maintaining its Perform rating and makes no changes to estimates or its target price.

Oppenheimer stated in the report that, "Associated Banc took the lumps and pains last year necessary to strengthen their balance sheet, all while beginning finally to invest in the operating platform and new talent. The benefits of last year's activities are becoming more apparent, though we see operating expense growth remaining elevated over the near-to-mid term." Oppenheimer believes that earnings, "in '12 and beyond have the potential to show above-peer growth, we feel the stock is fairly valued today at 13.6x our '12 estimate." ASBC is also looking to make a TARP payment in '11.

ASBC closed on Friday at $14.26.