UPDATE: Sterne Agee Upgrades EverBank Financial to Buy on Strong Results, Recent Pullback

In a report published Thursday, Sterne Agee analyst Peyton Green upgraded the rating on EverBank Financial Corp.

from Neutral to Buy, and reiterated the $17.00 price target. In the report, Green noted, “We are raising our rating on EVER to Buy (from Neutral) given the recent pullback and our belief that EPS will exceed consensus in 2013E-2014E due to (1) strong jumbo origination/sales volumes, (2) CRE and leasing loan growth, (3) declining regulatory costs, and (4) improved mortgage servicing profitability. Our price target is $17, or 11x our 2014E EPS. Our 2013E-2014E EPS of $1.40 and $1.55, respectively, are above consensus of $1.28 and $1.50.” EverBank Financial Corp. closed on Wednesday at $14.40.