Stifel Nicolaus initiates its coverage on Heritage Commerce HTBK with a Hold rating on shares.
Stifel Nicolaus notes, "HTBK shares trade at the highest P/E multiple in our West Banks coverage group at 16.8x based on our 2013 EPS estimate compared to the peer average of 12.3x. However, the shares trade at a discount on a tangible book basis compared to the peer average of 1.4x. With a limited number of banks with assets greater than $1 billion in assets in the San Francisco Bay Area, the tangible book multiple is a more important factor in consideration in our valuation of the shares. Our fair value for the shares is $6.50, and we are initiating coverage with a Hold rating."
HTBK closed at $6.06 on Thursday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in