UPDATE: Wunderlich Securities Initiates Coverage On State Bank Financial On Emerging Growth Story

In a report published Thursday, Wunderlich Securities analyst Kevin Reynolds initiated coverage on State Bank Financial (NASDAQ: STBZ) with a Buy rating and $23.00 price target.

In the report, Wunderlich Securities noted, “We are initiating coverage of State Bank Financial Corporation (STBZ) with a Buy rating and 12- to 18-month price target of $23 on the shares.

"In our opinion, State Bank is emerging as a high-growth community bank with a well respected and very deep management team that should create meaningful shareholder value over the next several years by executing a market-share-moving strategy complemented by accretive acquisitions.

"STBZ shares currently trade at a meaningful discount to peers (P/TBV), but we believe multiple expansion is likely as the company continues to grow organically and the impact of covered loans diminishes over the next 12 to 18 months. Accordingly, we rate STBZ shares Buy with a $23 price target.”

State Bank Financial closed on Wednesday at $17.11.