Moving ahead, investors will be looking for significant efficiency improvements and organic growth initiatives, now that the complicated branch deal has been completed. Deutsche Bank analyst Dave Rochester rates First Niagara a "buy," with a $9.50 price target, saying last month that "we continue to expect the valuation differential between FNFG shares and the mid-cap banks to shrink over time as earnings visibility and investor sentiment improve, driving solid upside over the next year, but we note much of this upside could take time to develop, and is largely predicated on management's ability to consistently hit guidance and deliver on its organic growth strategy." The analyst added that "FNFG recently indicated it could begin to increase the dividend as early as next year.