SBNY

Saul,

This is one I’ve been watching…the Trump bump was nice, but where do you think it can go from here? In the Sep quarter, Net Interest income grew 16%. Even if that continues, and margins come back (after the medallion thing), and they achieve EPS of say, 9.50 (more than expected in 2017), that would be a PE of 16 even with no share appreciation. Isn’t that somewhat reasonable for a bank growing at 15%ish? Where’s the positive alpha from here?

Bear

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