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UPDATE: Credit Suisse Initiates BankUnited at Neutral on Valuation

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Credit Suisse initiated coverage on BankUnited (NYSE: BKU) with a Neutral rating and a $23 price target.

Credit Suisse said, "We are initiating coverage of BankUnited, Inc. with a Neutral rating based on valuation, with the shares trading at 1.0x adjusted TBV, and in light of recent bids that suggest CEO Kanas may need to remain at the helm to deploy BKU's excess capital in metro New York before a sale can occur. We believe it may not be until the end of 2016, when ROEs can reach mid-double digits after earnings trough from covered loan run-off in 2013."

BankUnited closed at $23.22 on Monday.

Latest Ratings for BKU

DateFirmActionFromTo
Feb 2015BarclaysInitiates Coverage onOverweight
Jan 2015Keefe Bruyette & WoodsMaintainsOutperform
Nov 2014Guggenheim SecuritiesDowngradesBuyNeutral

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Posted-In: Credit SuisseAnalyst Color Initiation Intraday Update Analyst Ratings

 

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