UPDATE: Sterne Agee Initiates First NBC Bank with Buy on Confidence Going Forward

In a report published Wednesday, Sterne Agee analyst Peyton Green initiated coverage on First NBC Bank Holding Company (NASDAQ: NBCB) with a Buy rating and $31.00 price target.

In the report, Sterne Agee noted, “We are initiating coverage on First NBC Bank Holding Company (NBCB) with a BUY, which is predicated on our belief that balance sheet and EPS growth will be stronger than small cap peers through 2014E. We are introducing 2013E EPS of $2.05, 2014E EPS of $2.50, and a price target of $31, or 12.5x our 2014E.”

First NBC Bank Holding Company closed on Tuesday at $25.93.