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June 20 (Reuters) - Ladenburg Thalmann analyst Richard Bove cut his 2008 to 2010 profit estimates on BB&T Corp (BBT.N) to reflect the U.S. Southeast regional bank's announcement that its "loan losses would be a problem but a manageable one."
Bove cut his earnings-per-share estimates for the company to $2.94 from $3.09 for 2008, to $3.26 from $3.37 for 2009, and to $3.75 from $3.79 for 2010.
"This company is not the same as numbers of banks that are dealing with bad management due to excessive risk taking yet its stock is being treated as if it was," Bove wrote in a note to clients.
The company has a diversified revenue base and a strong capital structure so that it will not do any dilutive stock offerings, the analyst said.
There is clearly good value based on superior management and the issue should be bought, said Bove, who has a "buy" rating and a price target of $32 on BB&T's stock.
The stock, which has shed about 27 percent over the past three months, closed at $24.35 Thursday on the New York Stock Exchange. (Reporting by Dilipp S. Nag in Bangalore; Editing by Deepak Kannan)