UPDATE: Keefe, Bruyette & Woods Initiates Market Perform, $9 PT on Fidelity Southern Corporation on Below-Peer Capital

Keefe, Bruyette & Woods initiates its coverage on Fidelity Southern Corporation LION with a Market-perform rating and a price target of $9 a share. Keefe, Bruyette & Woods comments, "The company is now profitable and growing, although continues to have below-peer capital levels and improving but elevated non-performers. We believe the stock's below-peer earnings multiples are appropriate given its large mortgage and indirect auto contributions. With a 6% expected return, we believe the Market Perform rating is the right one for LION shares at this time." LION closed at $8.50 on Thursday.