UPDATE: Credit Suisse Initiates Texas Capital Bancshares at Neutral on Valuation

Credit Suisse initiated coverage on Texas Capital Bancshares TCBI with a Neutral rating and a $46 price target. Credit Suisse noted, "We are initiating coverage of Texas Capital with a Neutral rating, based on valuation and its growing reliance on the mortgage warehouse that has benefitted from dislocation and an ongoing decline in rates. TCBI still stands out as one of the few commercial banking franchises that have a demonstrated ability to grow loans HFI by +15% in the current environment." Texas Capital Bancshares closed at $43.78 on Monday.