Seeking Alpha writer just posted a great article calling for a double on FNFG
Go read it, good chart
Quote from article
If one believes that FNFG will successfully manage the post-merger period, a return to earnings growth could see FNFG earn a much higher, more reasonable multiple. At a Price/Book ratio of 1, the stock would nearly double, and at 10x 2013 earnings, the stock would be worth 66% more. Like Hancock, the merger discount adds risk now but the possibility of great reward if First Niagara gets it right. Analysts seem pretty confident that they will.