In a report published Monday, Goldman Sachs analyst Ryan M. Nash reiterated a Buy rating on EverBank Financial Corp. EVER, and slightly raised the price target from $18.50 to $19.00.
In the report, Nash noted, “One year post its IPO, EVER is in the early stages of leveraging its national scale model across its commercial (BPL, Warehouse) and retail businesses, and harvesting refi opportunities (HARP). That said, the longer-term story remains misunderstood, in our view, as we believe (1) its balance sheet is positioned to benefit from rising rates (most assume it's liability sensitive), (2) normalization of GoS will be offset by growth in volumes and lower costs in servicing, and (3) its deposit base will prove to be stickier than the market is giving it credit for. With shares trading at 10.8x 2014 EPS vs. 13x for SMID cap peers, we see the entry point as compelling.”
EverBank Financial Corp. closed on Friday at $16.47.
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