Associated Banc-Corp offers discounted regional-bank valuation, accelerating commercial growth, and substantial upside if the October 2026 ANC conversion unlocks projected synergies.
Associated Banc-Corp, organized as a registered bank holding company under the Bank Holding Company Act, is the largest bank holding company based in the state of Wisconsin [cite: 1, 2, 3]. Tracing its corporate lineage back to the founding of the Bank of Neenah in 1861, the corporation delivers a comprehensive range of banking and nonbanking financial solutions through its primary subsidiary, Associated Bank, N.A. [cite: 1, 2]. The institution commands a robust geographical footprint in the upper Midwest, operating over 200 physical banking locations across the states of Wisconsin, Illinois, Minnesota, Iowa, Missouri, and Nebraska, alongside strategically positioned loan production offices in Indiana, Kansas, Michigan, New York, Ohio, and Texas [cite: 1, 4, 5].
The economic engine of Associated Banc-Corp operates on a traditional commercial banking revenue model. The bank primarily generates interest income from its lending activities and investment securities portfolio, which is offset by the interest expenses paid to retail and commercial depositors and wholesale funding sources [cite: 2, 6, 7]. In addition to net interest income, the bank generates a steady stream of noninterest fee income through its wealth management divisions, capital markets operations, deposit service charges, card-based transactions, and mortgage banking services [cite: 2, 8, 9].
The loan portfolio of the corporation is broadly divided into three segments: commercial and business lending, commercial real estate (CRE), and consumer lending, which consists of home equity lines, auto finance, and residential mortgages [cite: 3, 7]. The customer base spans retail consumers, mass-affluent individuals, small businesses, middle-market commercial enterprises, and institutional clients [cite: 3, 10].
The primary competitive differentiator of Associated Banc-Corp is its unique market positioning as a regional partner of choice. It successfully combines the personalized, high-touch relationship approach of a local community bank with the sophisticated cash management, treasury, capital markets, and digital banking capabilities typically reserved for money-center national institutions [cite: 3, 4, 10, 11]. This dual advantage is a major reason commercial and private clients choose the bank over both smaller regional competitors and larger, less responsive national banking institutions [cite: 4, 10, 11].
The commercial growth and operational expansion of Associated Banc-Corp are driven by a strategic balance sheet repositioning strategy designed to optimize yield and capital efficiency [cite: 2, 3]. Under this framework, management has pivoted the asset mix toward higher-yielding commercial and industrial (C&I) lending and auto finance portfolios, while systematically reducing exposure to lower-yielding, single-family residential mortgages [cite: 2, 12, 13]. This multi-year transformation has structurally enhanced the bank's asset yield profile, driving a sustainable expansion of the net interest margin [cite: 2, 13].
A transformative catalyst in the bank's expansion is the acquisition of American National Corporation (ANC), which was completed on April 1, 2026 [cite: 4, 11, 14]. Under the terms of the merger agreement, the transaction was structured as an all-stock exchange valued at approximately $604 million, with ANC shareholders receiving 36.25 shares of Associated stock for each share of ANC stock, resulting in the issuance of 22,975,382 shares of common stock [cite: 14, 15]. This transaction strengthens the bank's organic growth potential by establishing an immediate number-two deposit market share position in the attractive Omaha, Nebraska metropolitan statistical area (MSA) with approximately $3.4 billion in local deposits [cite: 10, 16]. Furthermore, the transaction deepens the bank's presence in the Minneapolis-St. Paul MSA, adding over $800 million in local deposits to secure a pro-forma number-ten market share ranking [cite: 10, 16]. The acquisition also expands the bank's consumer business by integrating ANC’s super-prime auto lending division, which has maintained exceptional underwriting standards and credit quality for more than 25 years [cite: 10].
The economic moat of Associated Banc-Corp is underpinned by high customer switching costs and a strong regional brand [cite: 2, 17]. In the commercial and middle-market business segments, switching costs are high due to the integration of complex treasury management systems, liquidity sweep accounts, asset-based lending facilities, and digital corporate workflows [cite: 7, 10]. Once a business client embeds these customized cash management services into its daily operations, migrating to another financial institution introduces considerable operational friction and risk. The brand moat is supported by a 160-year regional heritage, which fosters deep community trust and helps the bank maintain a low-cost core deposit base [cite: 2, 16, 18]. Scale advantages are also prominent; as the largest bank headquartered in Wisconsin, the company possesses a cost advantage in technology development, digital product rollout, and regulatory compliance that smaller regional peers cannot replicate [cite: 1, 4, 17].
The bank's total addressable market (TAM) is expanding through the launch of specialized deposit-gathering verticals [cite: 8, 12]. A notable driver is the homeowner association (HOA) and title banking business, which launched in June 2026 after extensive technology and platform upgrades [cite: 8]. Management projects that this niche operational vertical is capable of accumulating between $200 million and $300 million in stable, low-cost customer deposits by the end of 2027, highlighting a significant organic deposit opportunity [cite: 8].
The competitive landscape of the upper Midwest is characterized by intense competition from super-regional peers like Old National Bancorp, national players like U.S. Bank, and larger Midwestern operators like BMO Bank [cite: 17]. Associated Banc-Corp continues to hold and gain ground against these peers, supported by double-digit organic C&I growth, an expanding commercial relationship manager headcount, and consistent growth in net checking households [cite: 3, 19, 20]. On a pro-forma basis, the bank reaches an attractive scale of approximately $50 billion in assets, $40 billion in deposits, and $35 billion in loans, positioning it to compete effectively for middle-market commercial mandates [cite: 10].
Associated Banc-Corp reported its second-quarter 2026 financial results on July 23, 2026, delivering strong earnings momentum and demonstrating solid progress on the integration of American National Corporation [cite: 19, 21, 22]. For the quarter ended June 30, 2026, the company reported GAAP net income available to common equity of $121 million, or $0.63 per common share [cite: 9, 19, 22]. Adjusting for $24 million of nonrecurring, transaction-related integration costs associated with the ANC transaction, adjusted net income available to common equity was $140 million, or $0.73 per common share [cite: 9, 19]. This adjusted EPS outperformed the Wall Street analyst consensus forecast of $0.71 to $0.72 per share, representing a positive earnings surprise [cite: 8, 21].
The company's quarterly revenue, which includes net interest income and noninterest income, reached $450.44 million, beating analyst consensus expectations of $438.01 million by approximately 2.8% [cite: 8]. Net interest income rose to $370 million, up 20% sequentially and 23% year-over-year [cite: 8, 9, 22]. This expansion was driven by the integration of the acquired ANC loan balances and strong organic lending volumes [cite: 8, 23]. The net interest margin (NIM) expanded by 14 basis points sequentially to 3.17%, supported by pro-forma asset yields and a 1 basis point decline in interest-bearing liability costs [cite: 8, 23]. Derek Meyer, Chief Financial Officer, noted that purchase accounting adjustments contributed 6 basis points of this sequential margin expansion and stated that the bank is positioned to maintain a relatively neutral interest-rate position moving forward [cite: 8]. Noninterest income was $80 million, up $5 million sequentially, driven by wealth management fees, card-based fee expansion, and deposit service charges [cite: 8, 9, 22].
The pro-forma balance sheet reached a strong scale, with period-end loans of $36.5 billion (up 15% sequentially and 19% year-over-year) and period-end deposits of $39.9 billion (up 12% sequentially and 17% year-over-year) [cite: 9, 19, 22]. The Common Equity Tier 1 (CET1) capital ratio remained healthy and flat sequentially at 10.47%, positioning the bank to execute on its board-approved $100 million share repurchase program during the second half of 2026 [cite: 8, 22, 24].
Following the earnings release, management updated its full-year 2026 pro-forma guidance, which compares the combined Associated and ANC pro-forma entity against the standalone 2025 results [cite: 9, 20, 23]. Key parameter changes and reaffirmed targets are outlined in the table below:
| Guidance Metric | Previous FY 2026 Guidance (April 23, 2026) | Updated FY 2026 Guidance (July 23, 2026) | Directional Change |
|---|---|---|---|
| Total Period-End Loan Growth | Up 17% to 19% [cite: 20] | Up 18% to 20% [cite: 9, 20] | Upgraded [cite: 20] |
| Total C&I Loan Growth | Up 20% to 22% [cite: 20, 23] | Up 20% to 22% [cite: 9, 20, 23] | Reaffirmed [cite: 20] |
| Total Deposit Growth | Up 17% to 19% [cite: 9, 20] | Up 17% to 19% [cite: 9, 20] | Reaffirmed [cite: 20] |
| Core Customer Deposit Growth | Up 19% to 21% [cite: 20, 23] | Up 19% to 21% [cite: 9, 20, 23] | Reaffirmed [cite: 20] |
| Net Interest Income Growth | Under Review [cite: 20] | Up 19% to 21% [cite: 9, 20] | Finalized [cite: 20] |
| Noninterest Income Growth | Up 8% to 10% [cite: 9, 20] | Up 8% to 10% [cite: 9, 20] | Reaffirmed [cite: 20] |
| Noninterest Expense Growth | Under Review [cite: 20] | Up 20% to 21% [cite: 9, 20] | Finalized [cite: 20] |
| Effective Tax Rate | 19% to 21% [cite: 20, 23] | 19% to 21% [cite: 9, 20, 23] | Reaffirmed [cite: 20] |
| CET1 Capital Ratio | 10.00% to 10.75% [cite: 20, 23] | 10.00% to 10.75% [cite: 20, 23] | Reaffirmed [cite: 20] |
The market's initial reaction to the July 23, 2026 announcement was relatively muted, with the stock closing regular trading down 1.43% at $30.26, indicating that investors were already anticipating a strong quarter and are waiting for the operational execution of the system conversion [cite: 8]. Since then, the share price has appreciated to $30.61 as of late August 2026, trading near the upper boundary of its 52-week range [cite: 8, 25]. Analysts have responded constructively, with post-earnings price targets clustering around a median of $34.09, reflecting confidence in the bank's earnings power [cite: 21, 26].
From a valuation perspective, Associated Banc-Corp trades at a compelling discount compared to regional banking peers. At a current share price of $30.61 [cite: 25], and based on annualized adjusted second-quarter earnings of $2.92 ($0.73 per quarter annualized) [cite: 9, 19], the stock trades at an implied forward P/E multiple of approximately 10.5x. This multiple is below the historical regional banking norm of 11.5x to 13.0x. This valuation discount appears unjustified given the bank's high-quality pro-forma growth profile and strong capital metrics.
The 5-year historical sales growth rate represents a key financial driver for this valuation. Between 2021 and the annualized pro-forma run-rate of 2026, the bank's total revenue grew from approximately $1.03 billion to an estimated $1.80 billion, representing a compound annual growth rate (CAGR) of approximately 11.7% [cite: 8, 27, 28]. This elevated growth rate highlights the success of the balance sheet repositioning and the addition of ANC [cite: 3, 10]. Given a tangible book value of $22.15 per share [cite: 7], the stock trades at 1.38x tangible book value. This is highly attractive considering that pro-forma return on average tangible common equity (ROATCE) is expected to consistently exceed 15% post-integration, driven by the realization of $29.2 million in annual cost savings [cite: 10, 29].
To illustrate the sequential operational dynamics, the table below outlines the bank's performance metrics over recent quarters:
| Operational Metric | Q2 2026 [cite: 9, 19, 22] | Q1 2026 [cite: 9, 19, 22] | Q2 2025 [cite: 9, 19, 22] |
|---|---|---|---|
| Diluted GAAP EPS | $0.63 | $0.70 | $0.65 |
| Adjusted EPS | $0.73 | $0.70 | $0.65 |
| Net Interest Income | $370 Million | $307 Million | $300 Million |
| Noninterest Income | $80 Million | $75 Million | $67 Million |
| Net Interest Margin | 3.17% | 3.03% | 3.04% |
| Total Period-End Loans | $36.5 Billion | $31.7 Billion | $30.6 Billion |
| Total Period-End Deposits | $39.9 Billion | $35.6 Billion | $34.1 Billion |
| Efficiency Ratio (Adj.) | 52.9% [cite: 7, 8] | 55.1% | 56.4% |
| Nonaccrual Loans / Loans | 0.41% | 0.35% | 0.37% |
| CET1 Capital Ratio | 10.47% | 10.47% | 10.48% |
The operational execution of the American National Corporation integration represents a key near-term risk for the company [cite: 14]. The full system, branch, and customer account conversions are scheduled for October 2026 [cite: 8, 30]. This process carries inherent risks, as any technology failures, operational disruptions, or client friction during the transition could lead to customer deposit attrition in the newly entered Omaha and Twin Cities markets [cite: 10, 14]. A significant loss of core deposits would reduce the projected annual run-rate cost synergies of $29.2 million and force the bank to rely on higher-cost wholesale and FHLB advances to fund its lending activities, compressing the net interest margin [cite: 2, 9, 10].
Credit quality and asset degradation risks are also central to the credit cycle. Total nonaccrual loans rose sequentially by 36% to $150 million in the second quarter of 2026, while annualized net charge-offs reached 0.26%, driven in part by acquired ANC commercial balances [cite: 9, 23, 30]. Although these metrics remain manageable, any economic downturn in the upper Midwest could stress the bank's large commercial real estate ($9.0 billion) and commercial and industrial ($13.8 billion) loan books, leading to a spike in provisions that would directly impact earnings [cite: 9, 19].
Furthermore, regulatory compliance demands will intensify as the bank moves closer to $50 billion in total assets [cite: 1, 10]. This asset threshold triggers enhanced supervisory standards, more rigorous capital planning, and comprehensive compliance audits. To support its capital return initiatives—including dividend growth and share repurchases—the bank must maintain a solid capital position above its CET1 target range of 10.0% to 10.75% [cite: 8, 20, 23].
From a macroeconomic perspective, the bank's earnings remain highly sensitive to the Federal Reserve's interest rate trajectory [cite: 7, 12]. Under management’s relatively neutral balance sheet positioning, a parallel downward interest rate shock of 100 basis points is estimated to compress net interest income by 1.2%, while an upward interest rate shock of 100 basis points would provide a 1.9% benefit to NII [cite: 7, 8]. Additionally, deposit competition in the Midwest remains elevated, and any upward pressure on deposit betas could compress margins and restrict profitability [cite: 2].
The table below outlines a structured framework of the potential risks facing the company:
| Risk Category | Moderate Downside Risk | Early Warning Indicator | Long-Term Thesis Damage |
|---|---|---|---|
| Integration & Synergies [cite: 10, 14] | Conversion delays past October 2026, leading to merger-related nonrecurring expenses exceeding the $24 million quarterly baseline [cite: 8, 9]. | Flat sequential pro-forma deposit growth or a drop in Omaha deposit market share below the pro-forma number-two position [cite: 10]. | Core deposit attrition exceeding 10% in acquired ANC branches, neutralizing the expected 2% EPS accretion in 2027 [cite: 10, 14]. |
| Credit Quality [cite: 23, 30] | Provisions for credit losses rising above the historical run-rate of $19 million per quarter due to localized CRE pressure [cite: 9, 22]. | Sequential increases in the nonaccrual loan ratio beyond the current 0.41%, or a spike in the annualized NCO ratio above 0.30% [cite: 9, 23]. | Systemic credit defaults in the C&I or CRE portfolios, driving the ACLL ratio above 1.75% and severely diluting tangible book value [cite: 9, 22]. |
| Net Interest Margin [cite: 2, 8] | NIM compression of 5 to 10 basis points below the 3.17% baseline due to aggressive pricing from regional competitors [cite: 8, 9]. | Accelerated sequential migration from noninterest-bearing demand deposits into higher-yielding CD or money market categories [cite: 9, 22]. | A permanent structural increase in the funding mix toward brokered CDs and wholesale FHLB advances, depressing ROATCE below 10% [cite: 9, 29]. |
The following analysis evaluates the potential total return performance of Associated Banc-Corp common stock over a five-year horizon ending in 2031, using a current baseline price of $30.61 USD [cite: 25]. The outstanding share count is modeled at approximately 189 million pro-forma shares, which accounts for the issuance of shares for the American National transaction [cite: 2, 14].
The Base Case assumes steady execution of the bank's strategic plan and the successful integration of American National Corporation [cite: 10, 19]. This scenario projects a 5-year revenue CAGR of 6.0%, driven by organic loan growth in the high-single digits and the stabilization of the acquired deposit base [cite: 10, 12]. Total pro-forma revenue (NII plus noninterest income) grows from the annualized pro-forma run-rate of approximately $1.80 billion in 2026 to $2.41 billion by Year 5 [cite: 8].
With the successful completion of the system conversion in October 2026, the bank achieves its target of $29.2 million in annual run-rate cost savings by early 2027 [cite: 8, 10]. This operational efficiency improves the adjusted efficiency ratio, which stabilizes around 52.0% [cite: 7, 8]. Provision expenses normalize to $60 million annually, and the effective tax rate remains steady at 20.0% [cite: 20, 23]. Consequently, pro-forma net income available to common shareholders reaches $880 million in Year 5.
Capital generation remains robust, enabling the bank to deploy its authorized $100 million share buyback program and execute subsequent annual buyback programs [cite: 8, 24]. This reduces the outstanding share count by roughly 1.0% annually, lowering the share count from 189 million to 180 million shares by Year 5. Under these assumptions, Year 5 EPS is projected at $4.89.
$\text{Year 5 EPS} = \frac{\text{Net Income}}{\text{Share Count}} = \frac{\$880 \text{ Million}}{180 \text{ Million Shares}} = \$4.89 \text{ USD}$
Applying a standard regional banking P/E multiple of 11.5x, the implied future share price in Year 5 is projected at $56.24 USD. Cumulative dividends are estimated at $4.80 USD per share over the 5-year period, based on a stable payout ratio of approximately 33% [cite: 24]. This yields an implied future asset value of $61.04 USD, representing a total return of 99.4% and an annualized return of 14.8%.
$\text{Total Return} = \frac{\$56.24 \text{ (Implied Price)} + \$4.80 \text{ (Dividends)} - \$30.61 \text{ (Current Price)}}{\$30.61 \text{ (Current Price)}} = 99.4\%$
The High Case projects a more constructive macroeconomic environment, characterized by strong commercial loan demand and superior organic growth [cite: 10]. Under this scenario, the bank's specialized HOA and title deposit verticals exceed expectations, generating over $500 million in low-cost deposits [cite: 8]. These factors support a 5-year revenue CAGR of 9.0%, driving Year 5 revenue to $2.77 billion.
Synergy capture from the ANC merger exceeds initial expectations, and operational scale benefits drive the adjusted efficiency ratio down to a highly competitive 50.0% [cite: 7, 10]. Credit performance remains exceptional, with annual provisioning declining to $40 million. Under these conditions, pro-forma net income grows to $1.09 billion by Year 5.
Enhanced capital generation allows the bank to accelerate its share repurchase programs, reducing the outstanding share count to 170 million pro-forma shares. This yields a projected Year 5 EPS of $6.41.
$\text{Year 5 EPS} = \frac{\$1.09 \text{ Billion}}{170 \text{ Million Shares}} = \$6.41 \text{ USD}$
Reflecting this superior profitability and a sustained return on average tangible common equity exceeding 17%, the market re-rates the stock to an exit P/E multiple of 13.5x [cite: 29, 31]. This produces an implied future share price of $86.54 USD. With cumulative projected dividends of $5.50 USD, the total return in the High Case is estimated at 200.7%, translating to an annualized return of 24.6%.
$\text{Total Return} = \frac{\$86.54 \text{ (Implied Price)} + \$5.50 \text{ (Dividends)} - \$30.61 \text{ (Current Price)}}{\$30.61 \text{ (Current Price)}} = 200.7\%$
The Low Case assumes operational friction during the October 2026 branch conversion, resulting in core deposit attrition and integration cost overruns [cite: 8, 14]. This is compounded by severe deposit pricing pressure and a contraction in Midwest commercial lending, which restricts the 5-year revenue CAGR to just 1.5% [cite: 2, 3]. Consequently, Year 5 revenue is limited to $1.94 billion.
Due to integration inefficiencies, the run-rate cost synergies of $29.2 million are not fully realized, and the adjusted efficiency ratio deteriorates to 58.0% [cite: 7, 10, 14]. Additionally, localized defaults in the C&I and commercial real estate portfolios cause credit provisions to elevate to $120 million annually. Year 5 pro-forma net income declines to $549 million under these assumptions.
To preserve capital and protect the CET1 ratio, the bank suspends its share repurchase programs, keeping the pro-forma share count flat at 189 million shares [cite: 8, 20, 23]. This produces a projected Year 5 EPS of $2.90.
$\text{Year 5 EPS} = \frac{\$549 \text{ Million}}{189 \text{ Million Shares}} = \$2.90 \text{ USD}$
Due to lower profitability and elevated credit risk, the bank's exit multiple contracts to a conservative P/E ratio of 8.5x. This implies a Year 5 share price of $24.65 USD. Even when factoring in cumulative dividends of $4.00 USD, the total return is negative at -28.5%, representing an annualized decline of -6.5%.
$\text{Total Return} = \frac{\$24.65 \text{ (Implied Price)} + \$4.00 \text{ (Dividends)} - \$30.61 \text{ (Current Price)}}{\$30.61 \text{ (Current Price)}} = -6.4\%$
Combining these subjective probabilities yields a probability-weighted implied future share price (5-year target price) of $59.08 USD for Associated Banc-Corp, which represents a significant premium over the current price of $30.61 USD [cite: 25].
$\text{Weighted Price} = (\$86.54 \times 0.25) + (\$56.24 \times 0.60) + (\$24.65 \times 0.15) = \$21.64 + \$33.74 + \$3.70 = \$59.08 \text{ USD}$
The detailed parameters of this scenario analysis are summarized in the table below:
| Scenario | Revenue / key scale metric in Year 5 | Margin / earnings assumption | Valuation multiple assumption | Current share price | Implied future share price | 5-year total return | Annualized return | Probability |
|---|---|---|---|---|---|---|---|---|
| High Case | $2.77 Billion | $1.09B Net Income / $6.41 EPS | 13.5x P/E | $30.61 USD [cite: 25] | $86.54 USD | 200.7% | 24.6% | 25% |
| Base Case | $2.41 Billion | $880M Net Income / $4.89 EPS | 11.5x P/E | $30.61 USD [cite: 25] | $56.24 USD | 99.4% | 14.8% | 60% |
| Low Case | $1.94 Billion | $549M Net Income / $2.90 EPS | 8.5x P/E | $30.61 USD [cite: 25] | $24.65 USD | -6.4% | -1.3% | 15% |
PROSPERITY POTENTIAL HIGH
An assessment of Associated Banc-Corp across key qualitative and quantitative metrics reveals a well-positioned Midwestern regional franchise:
ROBUST FRANCHISE SCALE
Associated Banc-Corp presents an attractive risk-reward profile for bank stock investors. The bank’s transition from a mortgage-heavy regional lender to a high-yield, relationship-focused commercial banking platform has structurally improved its core profitability and net interest margin [cite: 2, 3, 13].
The acquisition of American National Corporation is highly logical, giving the bank instant scale in Omaha (#2 deposit share) and strengthening its presence in the Twin Cities [cite: 10, 16]. The stock-for-stock structure of the transaction preserved capital, added 5 basis points to the CET1 ratio, and is projected to deliver 2% EPS accretion in 2027 alongside $29.2 million in run-rate cost synergies [cite: 10]. Additionally, the launch of specialty deposit channels like the HOA and title vertical provides a stable source of low-cost funding [cite: 8].
The primary catalyst for a positive re-rating is the successful systems conversion in October 2026, which should confirm the bank's ability to capture cost synergies [cite: 8, 30]. Additional support will come from the deployment of its $100 million share buyback program and the realization of its high-teens pro-forma loan and deposit growth targets [cite: 8, 9, 20, 24].
While risks remain—including potential integration friction, cyclical commercial real estate exposure, and NIM sensitivity to lower interest rates—the bank's capital position, strong underwriting standards, and stable core deposit base provide a solid buffer [cite: 2, 8, 14, 39]. Trading at approximately 10.5x annualized adjusted EPS and 1.38x tangible book value, Associated Banc-Corp appears fundamentally undervalued relative to its pro-forma ROATCE potential of over 15% [cite: 7, 9, 19, 29]. This creates an appealing opportunity for investors seeking a high-quality regional banking franchise.
VALUE UNLOCK POTENTIAL
Associated Banc-Corp common stock is currently trading at $30.61 USD [cite: 25], which is near the upper bound of its 52-week trading range of $23.63 to $31.83 and comfortably above its 200-day moving average [cite: 8]. Following the Q2 2026 earnings announcement, the stock closed down 1.43% at $30.26, indicating that the market has fully priced in the strong quarterly results and is consolidating [cite: 8]. In the short term, the stock is expected to remain range-bound between $29.50 and $32.00 as investors look ahead to the integration milestones and systems conversion in October 2026 [cite: 8, 30]. Technical indicators point to a constructive consolidation phase, with strong support around the $29.50 level.
BULLISH CONSOLIDATION PHASE
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