US : Guaranty Federal Bancshares, Inc. - GFED | Raising EPS Estimates for Lower Op. Expenses and Credit Costs

We reiterate our Market Perform rating on GFED shares following 4Q financial results. PTPPI missed our projection in 4Q due to lower fee income and higher operating expenses; however, SBA loan sale gains should rebound in coming quarters while operating expenses should decline following some non-re