BGB Securities Starts IberiaBank (IBKC) at Buy

BGB Securities initiates coverage on IberiaBank (NASDAQ: IBKC) with a Buy. PT $56.00.

The firm comments, "We are initiating coverage of IBKC with a BUY rating and a $56 price target. We derive our target through our discounted dividend model, the application of a 14x multiple to our normalized 2014 EPS estimate and IBKC's tangible book multiple of approximately 130% applied to our year-end 2013 estimate of $39.31 Our 2012 and 2013 EPS estimates are $2.63 and $3.24, respectively."

For an analyst ratings summary and ratings history on IberiaBank click here. For more ratings news on IberiaBank click here.

Shares of IberiaBank closed at $47.88 yesterday.

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