UPDATE: Bank Of America Reiterates On Texas Capital Bancshares As EPS Growth Is Set To Accelerate

In a report published Wednesday, Bank of America analyst Ebrahim H. Poonawala reiterated a Buy rating on

, but lowered the price target from $70.00 to $68.00. In the report, Bank of America noted, “We believe that management's 2014 guidance is likely to prove conservative driving Street estimates higher as we move into the back half of the year. Particularly, outlook for growth in average loan balances (ex. mortgage finance) of mid-to-high teens appears to be conservative, implying average quarterly loan growth of < 2% for the remainder of 2014. This compares to average quarterly loan growth of 6.3% over the last four quarters and 7.1% in sequential growth reported for 1Q14. "Better than expected loan growth should drive forward estimates higher, supporting stock outperformance. We would also note the 62% increase in short interest in the stock since 04/30 to 7.7x TCBI's average daily trading volume, another factor that could spur stock outperformance if results begin to surprise to the upside.” Texas Capital Bancshares closed on Tuesday at $53.21.