UPDATE: D.A. Davidson Initiates Coverage on Lakeland Financial on Moderate, Steady Organic Growth

In a report published Thursday, D.A. Davidson & Co. analyst Stephen Geyen initiated coverage on

with a Neutral rating and $35.00 price target. In the report, D.A. Davidson & Co. noted, “Through the last decade, LKFN has consistently posted credit and efficiency metrics well below peer medians. This has translated into the company outperforming its peers in terms of ROA and ROTCE to a median tune of 24bp and 170bp, respectively, over the same time period. We believe these trends will continue due to solid loan growth and improved credit. We are forecasting a 1.23% ROA and an 11.7% ROTE in 2014, driven primarily by much lower provisions.” Lakeland Financial Corporation closed on Wednesday at $33.75.