UPDATE: D.A. Davidson Initiates Coverage on Southwest Bancorp with Buy Rating, $15 PT

In a report published Friday, D.A. Davidson & Co. initiated coverage on Southwest Bancorp

with a Buy rating and $15.00 price target. D.A. Davidson noted, “With a new management team, stabilizing asset quality, and a strong capital base the company appears to be positioned to improve EPS and profitability over the intermediate term. The next few quarters are likely to continue recent trends of loan portfolio run-off, but we believe the company has begun to shift its focus toward growth opportunities, which should lead to improved growth dynamics in the latter part of 2013. Our price target of $15 represents a 1.1x multiple to our year-end 2013 TBV of $13.43, compared to an average TBV multiple of 1.5x for peer institutions given OKSB's lower projected ROE than the peer average.” Southwest Bancorp closed on Thursday at $12.28.