UPDATE: Stifel Nicolaus Initiates Bank of Marin Bancorp with Buy, $43 on Fundamentals and Valuation

Stifel Nicolaus initiates its coverage on Bank of Marin Bancorp

with a Buy rating and a price target of $43 a share. Stifel Nicolaus says, "We are initiating coverage of Bank of Marin Bancorp with a Buy rating and $43 target price. We believe the shares possess an enviable combination of favorable operating markets, strong fundamentals, profitability, and excellent asset quality while trading at a discounted valuation. …Based on our 2013 EPS estimate of $3.49, the shares trade at 10.2x, compared to the median multiple for its West peer of 12x. Our $43 target represents 21% potential upside based on a 12.4x to our 2013 EPS estimate of $3.49." BMRC closed at $35.65 on Thursday.