UPDATE: Jefferies Initiates Coverage on Texas Capital Bancshares on Solid Long-Term Growth Profile

In a report published Monday, Jefferies analyst Emlen Harmon initiated coverage on Texas Capital Bancshares TCBI with a Buy rating and $55.00 price target. In the report, Jefferies noted, “We are initiating coverage of Texas Capital (TCBI) with a Buy rating and $55 price target. We believe the company has a solid long-term growth profile, backed by a strong Texas footprint, market share gains, and positioning for an eventual rise in short-term rates. While concerns over run-off in the company's mortgage warehouse portfolio have weighed on shares relative to peers, we feel our estimates reflect a conservative view of the business.” Texas Capital Bancshares closed on Friday at $47.60.