UPDATE: Goldman Sachs Initiates Coverage on National Bank Holdings with Buy Rating, $24 PT

In a report published Monday, Goldman Sachs Group initiated coverage on National Bank Holdings Corporation

with a Buy rating and $24.00 price target. Goldman Sachs noted, “We initiate coverage of National Bank (NBHC) with a Buy rating and a 12-month price target of $24 (25% upside). We view NBHC as a uniquely positioned Midwest regional bank with considerable excess capital ($350mn above its T1 Leverage minimum) to deploy into strong organic growth and M&A opportunities within its current footprint and surrounding states. With over 100 potential M&A candidates, in our view, rational competition for deals and a muted outlook for banking profitability we expect NBHC to be an active yet disciplined acquirer over the next 12-18 months, realizing increasing efficiencies and earnings growth.” National Bank Holdings Corporation closed on Friday at $19.26.