UPDATE: Sterne Agee Lowers PT on Texas Capital Bancshares on Lowered Estimates

In a report published Friday, Sterne Agee analyst Brett Rabatin reiterated a Buy rating on Texas Capital Bancshares

, but lowered the price target from $56.00 to $52.50. In the report, Rabatin noted, “With the issuance of $150 million of perpetual preferred, the overhang related to concern about TCBI having to risk-weight the mortgage warehouse should be eased. The name is likely to remain somewhat controversial; however, we believe the risk/reward is much more favorable at TCBI than peers given the valuation and likelihood management executes solid growth in EPS in FY13/14.” Texas Capital Bancshares closed on Thursday at $40.83.