UPDATE: Sterne Agee Upgrades The Bancorp to Buy on Prepaid Pipeline, Growth Outlook
Sterne Agee upgraded The Bancorp (NASDAQ: TBBK) from Neutral to Buy and announced a $15.00 price target.
Sterne Agee noted, "Our upgrade is based on three new items: 1) a big pipeline of potential new prepaid business. This is in addition to the core $27 billion GDV book at YE 2012 which is expected to grow 35%+; 2) the company has entered the commercial real estate (CRE) originate/sell business; and 3) given strong revenue and EPS growth outlook, we believe the shares deserve a better forward P/E multiple."
The Bancorp closed at $12.72 on Friday.
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