
Old National Bancorp is rated Buy with a $30 price target, reflecting a shift from M&A to a durable organic growth model. Q2 delivered record efficiency (45.2%), 13% YoY revenue growth, and a raised loan growth outlook to 6%-8% YoY, underpinned by a $5.6B pipeline. ONB's TBV per share compounded 14% YoY while returning $163M to shareholders, and the forward P/E of 10x undervalues its ROTCE profile.










