A New Chapter for Old National Bancorp

Old National Bancorp (NASDAQ: ONB), a prominent player in the regional banking sector, has recently caught the attention of investors following an upgrade from Raymond James, a highly respected financial services firm. The upgrade from "Market Perform" to "Strong Buy" is accompanied by a newly set price target of $28, suggesting a significant potential upside. This development underscores the growing confidence in Old National's strategic positioning and future growth prospects within the banking industry.

Key Takeaways:

• Potential Upside Return: The new price target of $28 implies a potential upside of approximately 22% from the current trading price of $22.94.

• Recent Stock Movement: The stock has seen a notable increase in volume and price stability, with its highest high in the past year recorded at $23.76.

• Strategic Partnerships and Expansion: Recent announcements include a partnership with Bremer Financial Corporation, enhancing Old National's market presence.

• Recognition and Brand Strength: Old National has earned the 2025 Military Friendly® Employer designation, highlighting its strong corporate reputation.

Analyst Upgrade and Firm Background

Raymond James, known for its robust research capabilities and influence in the financial sector, has shifted its rating for Old National Bancorp to "Strong Buy." This upgrade reflects a strategic reassessment of the bank's financial health and market opportunities. Raymond James' decision is particularly impactful given the firm's credibility and track record in market analysis.

The new price target of $28 is a clear indication of Raymond James' bullish outlook on Old National's performance, driven by strategic initiatives and recent financial results that show resilience and potential for growth.

Stock and Financial Performance

Old National Bancorp's financial performance remains strong, with the recent common stock offering aimed at raising $400 million. This capital infusion is expected to support further growth and expansion efforts. The company's stock has been relatively stable, with average daily volatility at 0.42%, suggesting a balanced risk profile for investors.

From a technical perspective, key indicators such as the 20-day SMA at $21.17 and a healthy RSI of 60.23 reflect a positive momentum. The stock's sentiment ratio is balanced, with an equal number of up and down days, reinforcing the stock's stability.

Potential Upside

The potential upside, calculated from the current price of $22.94 to the target price of $28, stands at approximately 22%. For investors, this represents a compelling opportunity to capitalize on Old National's strategic moves and its expanding footprint across key Midwestern markets.

Relevant News and Expert Opinions

Recent news highlights Old National's proactive strategic partnerships and expansion efforts, notably with Bremer Financial Corporation. This collaboration is set to enhance Old National's presence in the Twin Cities and other Midwestern markets, potentially driving further growth.

Conclusion

Old National Bancorp's recent upgrade by Raymond James marks a pivotal moment for the company, reflecting both its current strength and future potential. With strategic partnerships, a strong balance sheet, and a promising market outlook, Old National is well-positioned to deliver value to its investors. The significant potential upside identified by Raymond James underscores the opportunity for savvy investors to consider this regional banking leader as a key addition to their portfolios.