NEW YORK (TheStreet) -- Shares of Huntington Bancshares (HBAN - Get Report) were advancing at the start of trading on Wednesday as Deutsche Bank raised its rating on the stock to "buy" from "hold."

The 15% pullback in the stock since the company announced its acquisition of bank holding company FirstMerit (FMER) is overdone, according to the firm.

"The devaluation reflects a combination of concerns around execution risk, the ability to implement cost saves, and the significant earnback period for TBV dilution," Deutsche Bank wrote in an analyst note.

"There's also industry-wide concerns surrounding consumer indirect auto lending, a large business for HBAN. However, we think these concerns are overblown and that the large devaluation is overdone," the firm added.

While Deutsche Bank was not "thrilled" with the deal when it was announced, it is better than some other recent large deals.

The firm also increased its price target to $11.50 from $10.50 on shares of the Columbus, OH-based regional bank holding company.

(This stock is held in David Peltier's Stocks Under $10 portfolio. See all of his holdings with a free trial.)

Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.

The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins and attractive valuation levels. The team believes its strengths outweigh the fact that the company has had sub par growth in net income.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: HBAN