UPDATE: Wait On A Better Entry Point: Oppenheimer Initiates Coverage On BofI

In a report published Thursday, Oppenheimer analyst Terry McEvoy initiated a Perform rating on

. In the report, Oppenheimer says "BofI Holding's scalable low-cost banking platform appears well-positioned for strong earnings growth and profitability. Following the rapid move up in price since mid-2012, we believe the stock is fairly valued at 19.4 x our calendar 2014E EPS and 1.4x tangible book value. While we believe BOFI should be a core bank holding for small-cap growth portfolio managers and are positive about the company's longterm prospects, we would not recommend adding to positions at current prices. Accordingly, we are initiating coverage of BOFI with a Perform rating and are willing to be patient and await a better entry point." BofI closed on Thursday at $80.02.