UPDATE: Deutsche Bank Initiates EverBank Financial Corp with Neutral, $12 PT

Deutsche Bank initiates its coverage on EverBank Financial Corp

with a Neutral rating and a price target of $12 per share. Deutsche Bank comments, "A low-cost national lending/deposit gathering platform that is benefiting from low rates and the disruptions in the mortgage market (and commercial finance in the future): We look for low rates and continued investor derisking over the next year to provide EVER a stable source of funding to grow its loan portfolio organically in excess of 10%. We expect residential mortgage and commercial finance loans to be the key sources of earning asset growth, which could provide upside to our EPS estimates, depending how fast EVER accelerates growth from its recent Tygris acquisition." EVER closed at $11.20 on Friday.