UPDATE: Goldman Sachs Initiates Coverage on Capital Bank Financial with Neutral Rating, $21 PT

In a report published Monday, Goldman Sachs Group initiated coverage on Capital Bank Financial Corp. (NASDAQ: CBF) with a Neutral rating and $21.00 price target.Goldman Sachs noted, “We initiate coverage of Capital Bank (CBF) with a Neutral rating and a 12-month price target of $21 (16% upside). One of the keys to CBF, in our view, is management's strong track record and considerable experience in the Southeast markets; a factor we believe has contributed to both its ability to win M&A deals at attractive pricing as well as its strong organic loan production. Nevertheless, while we believe there are ample opportunities for CBF to grow both organically and through additional M&A, its Southeast US footprint is one of the most competitive banking environments in the country, potentially limiting upside in our view.”Capital Bank Financial Corp. closed on Friday at $18.15.