UPDATE: Credit Suisse Initiates Signature Bank at Outperform; Growth Potential Underestimated

Credit Suisse initiated coverage on Signature Bank

with an Outperform rating and a $82 price target. Credit Suisse noted, "We are initiating coverage of Signature Bank with an Outperform rating based on growth prospects that have been underestimated and can be delivered to the bottom line with only 1% share of the $1.2 trillion. We expect SBNY to sustain outsized growth and positive operating leverage despite modest margin pressure from low rates and competitive pricing. We believe growth is less of an issue with its recent hiring of a team from HSBC, specialty finance venture and having 1% share in the largest market in the U.S.." Signature BankCredit Suisse closed at $68.98 on Monday.