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RBC Capital Markets initiates coverage of BankUnited

Initiation

RBC Capital Markets analyst Steven Duong initiated coverage of Miami Lakes, Fla.-based BankUnited Inc.

Duong wrote that he has a positive outlook on EPS growth, loan growth and net interest margin resilience in 2021.

The analyst initiated coverage of the company with an "outperform" rating and a price target of $41. His EPS estimates are $3.11 for 2019 and $3.11 for 2020.

Downgrades

Hovde Group analyst Joseph Fenech downgraded Houston-based Prosperity Bancshares Inc. driven primarily by its completed acquisition of LegacyTexas Financial Group Inc.

Fenech wrote that while there are some aspects of the deal he likes, he has mixed feelings about it.

The analyst downgraded the company's stock rating to "underperform" from "market perform" and revised his price target to $70. He raised his 2019 EPS estimate by 4 cents to $4.77, but lowered his 2020 estimate by 14 cents to $5.11.

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Hovde Group analyst Will Curtiss downgraded McKinney, Texas-based Independent Bank Group Inc. following the announcement of its merger of equals with Dallas-based Texas Capital Bancshares Inc.

While the deal is "financially compelling" and he sees several benefits, meaningful outperformance could be somewhat challenging in the coming quarters, Curtiss wrote.

He downgraded the company's stock rating to "market perform" from "outperform" and maintained the price target of $61. He maintained his 2019 EPS estimate of $5.03, but raised his 2020 EPS estimate by 44 cents to $5.50.

Upgrade

Keefe Bruyette & Woods analyst Brady Gailey upgraded Texas Capital to match the rating of its pending MOE partner Independent Bank Group.

Gailey wrote that he likes this "compelling MOE," specifically noting the tangible book value per share and EPS accretion.

The analyst upgraded the company's stock rating to "outperform" from "market perform" and raised the price target to $72 from $64. His EPS estimates are $6.12 for 2019 and $5.47 for 2020.

Dropped Coverage

Compass Point Research & Trading analysts Chris Gamaitoni and Matthew Gaudioso dropped coverage of Texas Capital following the announcement of its MOE with Independent Bank Group.

The analysts' last stock rating for the company was "neutral" with a price target of $55.