UPDATE: Keefe, Bruyette & Woods Upgrades German American Bancorp On Attractive Core Holding

In a report published Friday, Keefe, Bruyette & Woods analyst Damon DelMonte upgraded the rating on German American Bancorp (NASDAQ: GABC) from Market Perform to Outperfom, and raised the price target from $29.00 to $30.00.

In the report, Keefe, Bruyette & Woods noted, “We are transferring coverage of German American Bancorp, Inc. from Christopher McGratty, increasing our 12-month price target to $30 from $29, and raising our rating to Outperform from Market Perform. We view German American as an attractive core holding for small-cap community bank investors—given the bank's consistently above-average profitability, outlook for favorable loan growth, and demonstrated track record of growing tangible book value.”

German American Bancorp closed on Thursday at $26.27.