MAFB Maf Bancorp (MM)

Moors & Cabot Initiates Coverage of MAF Bancorp CHICAGO, Dec. 5 /PRNewswire/ -- Moors & Cabot is initiating coverage of MAF Bancorp ($44.11) with a Sector Outperform rating and a $50 twelve-month price target. The share price of MAF Bancorp is up 29.7% year- to-date, which is slightly better than the 28.4% increase in the Nasdaq BANK index over the same time period. Despite a recent rally in the stock's price, which we think was fueled by the anticipated re-weighting of the S&P Small Cap Thrift Index upon completion of the St. Francis acquisition, MAF Bancorp is trading about 6% below the median forward P/E multiple of similarly sized thrifts. Given the company's attractive franchise and superior profitability measures, we would argue that MAF Bancorp should trade at a premium valuation, rather than a discount. MAF Bancorp, Inc. is the parent company of Mid America Bank, a federally chartered savings bank. The company, which is based in Clarendon Hills, Illinois, has approximately $9 billion in assets and operates 66 banking offices primarily in Chicago and its western suburbs and Milwaukee, Wisconsin. The company's December 1, 2003 acquisition of St. Francis Capital Corporation added approximately $2.3 billion in assets and 23 branch offices in the Milwaukee, Wisconsin metropolitan area. Moors & Cabot is a member of the National Association of Securities Dealers, CRD number 594. DATASOURCE: Moors & Cabot CONTACT: Ronald J. Peterson of Moors & Cabot, +1-312-263-8723 Web site: http://www.moorscabot.com/

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