UPDATE: BTIG Initiates The Bancorp at Buy on Prepaid Growth

BTIG initiated The Bancorp

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.