UPDATE: KBW Initiates BankUnited at Market Perform (BKU)

KBW is out with its report today on BankUnited (NYSE: BKU), initiating BKU at Market Perform.

In a note to clients, KBW writes, "BankUnited reemerges from failure with an overcapitalized, FDIC-wrapped balance sheet ready to play offense via organic growth and acquisitions in Florida and soon-to-be New York. While positive on the longer-term prospects, we feel near-term upside is limited and as a result rate BankUnited shares Market Perform with a $28 target, representing 1% potential upside, including its dividend yield."

At the time of posting, shares of BKU were trading pre-market at $28.54, down 0.17% from Tuesday's close.