Marshall & Illsley (NYSE:MI) Only Half Way Through Crisis

An insightful look from BMO Financial Group (NYSE:BMO) concerning Marshall & Illsley (NYSE:MI), which they're acquiring, is the consider them only about half way through the current crisis.

Barclays noted, "While MI's 4Q10 results are not especially meaningful in light of BMO Financial Group's (NYSE:BMO) December 17 announcement of its plans to acquire the company, we review our 4Q expectations below. BMO's acquisition of MI is expected to close prior to July 31, 2011...We expect MI to report 4Q10 EPS of ($0.23) versus consensus of ($0.24).

"Among the most interesting insights from BMO's acquisition presentation was its view that MI is only about halfway through the current crisis, having taken $4.8 billion in losses since the end of 2007 and considering its expectation for another $4.7 billion to be taken in the future. If allowed, we expect investors to press management on these forecasts given the important read they offer on where other regional banks are in the credit cycle."

Barclays maintains an "Equalweight" on Marshall & Illsley, which closed Tuesday at $7.06, up $0.04, or 0.57 percent. Barclays has a price target of $9 on them.