UPDATE: Credit Suisse Initiates Coverage On SLM As Growth Engine Is Worth A Premium

In a report published Thursday, Credit Suisse analyst Moshe Orenbuch initiated coverage on SLM (NASDAQ: SLM) with an Outperform rating and $11.00 price target.

In the report, Credit Suisse noted, “We are initiating coverage of the new SLM Corp, also known as Sallie Mae Bank, with an Outperform rating. Sallie Mae Bank is a fast growing, highly profitable, mid-cap bank specializing in making student loans to undergraduate and graduate students. (The new SLM is the shell from which Navient Corp. has been spun off.)”

SLM closed on Wednesday at $9.26.