UPDATE: Wunderlich Securities Upgrades Bank of the Ozarks to Buy, Raises PT

In a report published Friday, Wunderlich Securities upgraded its rating on Bank of the Ozarks, Inc.

from Hold to Buy and raised its price target from $32.00 to $37.00. Wunderlich noted, “Our upgrade is not based on the fact that OZRK exceeded consensus EPS for the 17th straight quarter, but rather on how the company did it. OZRK exceeded our loan growth projections of $12 million and even its own guidance of $60 million per quarter by posting an $89 million increase in noncovered loans, an 18.7% LQA growth rate. Forward indicators remain bullish as the pipeline of unfunded closed loans (which represents future loan growth) increased $163 million (+42%) to $554 million at June 30, 2012.” Bank of the Ozarks closed yesterday at $30.39.