We raise our target price (TP) by 15% but downgrade our rating to OUTPERFORM from BUY as MBB’s share price has recovered ~37% over the last three months. Our TP increase is because we (1) roll over our TP to YE2021, (2) cut our cost of equity assumption and (3) lift our aggregate net income forecast during 2020-2024 by 2% relative to our previous forecast. MBB’s restructured loan level trended down in Q3 relative to Q2 2020 on both an absolute basis and as a percentage of the loan book