Rodman & Renshaw Starts Coverage on Regional Bank Sector
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Rodman & Renshaw initiated coverage today on a select group of regional, mid-sized banks with asset bases between $1.5-$9 billion.
The firm said, "We expect certain stocks in this coverage group to outperform both its peer set and the overall market over the next 12- 18 months. The related universe is trading close to tangible book values and we believe current valuations unduly penalize select quality banks as investors have focused on and overemphasized near-term pain points while discounting the longer-term earnings potential. While we see little downside risk from current levels, valuations are likely to be subdued in the near term as earnings uncertainty continues. However, this presents an attractive entry opportunity for long term investors willing to look through near term uncertainty."
- Capitol Bancorp (NYSE: CBC); Market Outperform, $4.50 tgt
- CVB Financial (Nasdaq: CVBF); Market Perform
- Enterprise Financial Services (Nasdaq: EFSC); Market Outperform, $11 tgt
- MB Financial (Nasdaq: MBFI); Market Perform
- Bank of Ozarks (Nasdaq: OZRK); Market Outperform, $30 tgt
- Park National CP (NYSE: PRK); Market Perform
- Republic Bancorp (Nasdaq: RBCAA); Market Perform
- Sun Bancorp (Nasdaq: SNBC); Market Perform
- WesBanco (Nasdaq: WSBC); Market Perform
- Yadkin Valley Financial (Nasdaq: YAVY); Market Outperform, $8.50 tgt
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