UPDATE: FIG Partners Initiates Southwest Bancorp at Outperform on Turnaround Outlook

FIG Partners initiated coverage on Southwest Bancorp (NASDAQ: OKSB) with an Outperform rating and a $15.00 price target.

FIG Partners said, "We are initiating coverage of Southwest Bancorp with an ‘Outperform' rating. Our 12-month price target is $15 per share. This represents potential upside of ~ 15% from current levels. Since making a low in the fall of 2011 OKSB shares have been strong jumping ~ 240%. … Following a busy 2012 we expect 2013 to be a year of transition were we see the balance sheet stabilize and management gets its new team in place to grow the franchise at a more measured pace going forward."

Southwest Bancorp closed at $13.11 on Thursday.