UPDATE: BTIG Initiates The Bancorp at Buy on Prepaid Growth
BTIG initiated The Bancorp (NASDAQ: TBBK) with a Buy rating and a $17.00 price target.
BTIG noted, "We are initiating coverage of The Bancorp with a BUY recommendation and a price target of $17 based on 13x our 2014E adjusted EPS of $1.30. We believe TBBK is very well positioned to benefit from the growth in the prepaid debit card industry, as reflected in the 93% increase in the gross dollar volume (GDV) in prepaid business it processed in 2012, and that a robust pipeline of new business could enable it to more than double its GDV over the next two years."
The Bancorp closed at $12.87 on Friday.
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