UPDATE: EverBank Stock Undervalued: Oppenheimer On Buy Initiation

In a report published Thursday, Oppenheimer analyst Terry McEvoy initiated a Buy rating on EverBank Financial (NASDAQ: EVER) and initiated a price target of $21.00.

In the report, Oppenheimer says "EverBank's steady EPS, tangible book value and balance sheet growth through different cycles are more than just fortunate luck and reflect management's longterm strategy of building a high-performing, low-risk, national bank franchise. EVER shares have underperformed peers in 2013 given legitimate investor concerns over profitability pressure in the mortgage banking business. The stock is now meaningfully undervalued, in our view, and we feel the company's business model and growth prospects remain unique in today's environment. Our 12-18 month price target is $21."

EverBank closed on Thursday at $16.70.