UPDATE: FIG Partners Initiates Coverage on Mercantile Bank Corp. with Outperform Rating, $20 PT as Balance Sheet Appears Near Bottom

In a report published Friday, FIG Partners analyst John Rodis initiated coverage on Mercantile Bank Corp. (NASDAQ: MBWM) with an Outperform rating and $20.00 price target.In the report, Rodis noted, “We are initiating coverage of Mercantile Bank Corporation with an ‘Outperform' rating and a 12-month price target of $20 per share. This represents potential upside of ~ 20% from current levels. Our earnings estimates for 2013 and 2014 are $1.31 and $1.37 per share, respectively. This compares to the consensus estimates (2 estimates) of $1.37 and $1.36. Our $20 target assumes MBWM shares trade at 110-115% of our tangible book value estimate one-year out (~ $17.75/share).”Mercantile Bank Corp. closed on Thursday at $16.54.