Goldman Sachs Initiates Coverage on EverBank Financial

According to a research report this morning, Goldman Sachs initiates a Neutral rating and PT of $13 on EverBank Financial

as firms see the internet based deposit and mortgage loan company in a great position for market share growth. Goldman Sachs explained, “…we see it benefitting from an early mover advantage in the secular shift to online and mobile banking. Additionally, its national scale and low fixed cost structure will allow it to take advantage of both organic and acquisition opportunities over the next few years. While we are optimistic on growth, outsized exposure to mortgage risks (MSR, put-backs) and further margin pressure from low rates will limit near-term upside, in our view.” EverBank Financial closed Friday at $11.20.