Wells Fargo Starts PrivateBancorp, Inc. (PVTB) at Market Perform
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Price: $20.36 +0.49%
Rating Summary:
2 Buy, 8 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 21 | Down: 43 | New: 13
Rating Summary:
2 Buy, 8 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 21 | Down: 43 | New: 13
Trade PVTB Now!
Wells Fargo initiates coverage on PrivateBancorp, Inc. (NASDAQ: PVTB) with a Market Perform and $16-$18 valuation range.
The firm comments, "We have initiated coverage of PrivateBancorp with a Market Perform rating on the shares and a valuation range of $16-18. Our FY2013 EPS estimate of $1.25 sits slightly above the consensus of $1.19. Shares have outperformed the group year to date due to (1) improving credit quality and (2) a favorable equity raise to remove the TARP overhang. Still, the bank requires a higher rate environment in order to lift its ROTCE levels into double digits, in our view. Reflective of a more muted return profile, we believe the current 1.1x TBV is appropriate given that continued credit improvement is already baked into valuation, in our view. Based on estimated 2013 TBV per share of $15 and a 1.1x multiple, we estimate a valuation range of $16-18."
For an analyst ratings summary and ratings history on PrivateBancorp, Inc. click here. For more ratings news on PrivateBancorp, Inc. click here.
Shares of PrivateBancorp, Inc. closed at $15.27 yesterday, with a 52 week range of $8.50-$17.42.
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The firm comments, "We have initiated coverage of PrivateBancorp with a Market Perform rating on the shares and a valuation range of $16-18. Our FY2013 EPS estimate of $1.25 sits slightly above the consensus of $1.19. Shares have outperformed the group year to date due to (1) improving credit quality and (2) a favorable equity raise to remove the TARP overhang. Still, the bank requires a higher rate environment in order to lift its ROTCE levels into double digits, in our view. Reflective of a more muted return profile, we believe the current 1.1x TBV is appropriate given that continued credit improvement is already baked into valuation, in our view. Based on estimated 2013 TBV per share of $15 and a 1.1x multiple, we estimate a valuation range of $16-18."
For an analyst ratings summary and ratings history on PrivateBancorp, Inc. click here. For more ratings news on PrivateBancorp, Inc. click here.
Shares of PrivateBancorp, Inc. closed at $15.27 yesterday, with a 52 week range of $8.50-$17.42.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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