First Busey gets 'market perform' rating as Hovde starts coverage

Hovde Group initiates coverage of regional lender First Busey BUSE.O with "market perform" rating

Brokerage says BUSE's CrossFirst Bank deal is a pivotal point for the franchise over the next five years

Says BUSE's fortunes are now tied to the successful integration of CrossFirst and delivering better organic growth

BUSE shares could remain range bound at relatively muted valuations if growth doesn't get visibly stronger, Hovde says

Hovde's $25 PT on BUSE represents a 7.7% upside to stock's last close

3 of 5 brokerages rate the stock "buy" or higher and 2 "hold"; median PT $26 - data compiled by LSEG

As of last close, BUSE stock down 1.5% YTD