UPDATE: Bank of America Merrill Lynch Initiates Coverage on Capital Bank Financial with Buy Rating, $22 PT

In a report published Monday, Bank of America Merrill Lynch initiated coverage on Capital Bank Financial Corp.

with a Buy rating and $22.00 price target. BofA Merrill Lynch noted, “CBF offers investors a discounted entry to a true growth story with excess capital and demonstrated success to date. CBF employs a multi-pronged strategy for growth that leverages 1) deal opportunities within the target rich Southeast and 2) an underappreciated organic growth story. Upside comes from the successful execution of growth strategies and the market does not appear to be incorporating much of this potential growth in our view.” Capital Bank Financial Corp. closed on Friday at $18.15.