UPDATE: D.A. Davidson & Co. Initiates Coverage on S.Y. Bancorp with Buy Rating, $33 PT on Good Growth Story, Strong Profitability

In a report published Thursday, D.A. Davidson & Co. analyst Stephen Geyen initiated coverage on S.Y. Bancorp SYBT with a Buy rating and $33.00 price target. In the report, D.A. Davidson & Co. noted, “SYBT shares trade at an approximate 0.7-point P/E multiple discount based on 2013 EPS versus the SNL small-cap bank peer group median of 15.1x. In our view, the discount is unjustified considering the bank's forecast ROA of 1.24% is 25bp above the peer group median and its forecast loan growth is in an above peer 6%-8% range.” S.Y. Bancorp closed on Wednesday at $28.12.