EverBank Financial Corp Rating Reiterated by Bank of America (EVER)
Bank of America reaffirmed their buy rating on shares of EverBank Financial Corp (NASDAQ: EVER) in a research note released on Tuesday morning. They currently have a $17.00 price target on the stock, up from their previous price target of $16.00.
“While investors have become increasingly worried about mortgage banking comps in ’13, we expect mortgage banking revenue at EVER can differentiate from broader industry trends. We believe this to be the case given significant investment in its retail franchise, as market share gains & servicing opportunities more than offset declining GOS margins. In our view, bucking the industry mortgage revenue trend could be a significant positive for the stock. Further, we believe EVER’s asset remix toward commercial loans & related growth opportunities is underappreciated & should support multiple expansion over time. As a result, we are raising our PO to $17 (from $16), implying 11% potential upside – reflective of 13x forward P/E & 1.2x ‘13E TBV.,” the firm’s analyst wrote.
EverBank Financial Corp opened at 16.71 on Tuesday. EverBank Financial Corp has a 52-week low of $9.40 and a 52-week high of $17.29. The stock’s 50-day moving average is currently $14.93. The company has a market cap of $2.022 billion and a price-to-earnings ratio of 27.85.
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