National Penn (NASDAQ:NPBC) Added to FBR's "Top Picks" List

Citing the strong steps National Penn (NASDAQ:NPBC) has taken to shore up their balance sheet, FBR Capital said they've added them to their "Top Picks" list.

FBR said, "We reiterate our rating on National Penn, raise our price target to $10, and add the company to the FBR Top Picks list, replacing New York Community Bank (NYSE:NYB). Our $10 price target equals 14.3x our 2012 EPS estimate of $0.70. National Penn has taken significant steps to strengthen its balance sheet, which we expect will enable the company to repay TARP, resolve its MOU, and significantly reduce its provision expense—catalysts that we expect to unfold over the next 3–12 months."

FBR Capital reiterates an "Outperform" rating on National Penn Bancshares, which closed Thursday at $8.12, down $0.25, or 2.99 percent. FBR boosted their price target on them from $9 to $10.