UPDATE: Bank of America Raises PO on EverBank Financial on Underappreciated Opportunities

In a report published Tuesday, Bank of America reiterated EverBank Financial Corp's

Buy rating and raised the price objective from $16.00 to $17.00. Bank of America reported that, “While investors have become increasingly worried about mortgage banking comps in '13, we expect mortgage banking revenue at EVER can differentiate from broader industry trends. We believe this to be the case given significant investment in its retail franchise, as market share gains & servicing opportunities more than offset declining GOS margins. In our view, bucking the industry mortgage revenue trend could be a significant positive for the stock. Further, we believe EVER's asset remix toward commercial loans & related growth opportunities is underappreciated & should support multiple expansion over time. As a result, we are raising our PO to $17 (from $16), implying 11% potential upside – reflective of 13x forward P/E & 1.2x ‘13E TBV.” EverBank Financial Corp. shares closed at $15.37 on Monday.