UPDATE: D.A. Davidson Initiates Coverage on S.Y. Bancorp on Good Growth Story, Strong Profitability
In a report published Thursday, D.A. Davidson & Co. analyst Stephen Geyen initiated coverage on S.Y. Bancorp (NASDAQ: SYBT) with a Buy rating and $33.00 price target.
In the report, D.A. Davidson & Co. noted, “SYBT shares trade at an approximate 0.7-point P/E multiple discount based on 2013 EPS versus the SNL small-cap bank peer group median of 15.1x. In our view, the discount is unjustified considering the bank's forecast ROA of 1.24% is 25bp above the peer group median and its forecast loan growth is in an above peer 6%-8% range.”
S.Y. Bancorp closed on Wednesday at $28.12.
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