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Fly News Breaks for February 20, 2020
Feb 20, 2020 | 06:09 EDT
UBS analyst Brock Vandelvliet upgraded Texas Capital (TCBI) to Neutral from Sell with a price target of $58, up from $54. The analyst notes that the credit quality deterioration and lower net interest income that drove his prior downgrade last August has been priced in, and the company's downsizing of its mortgage finance business represents a "major strategic shift". Vandelvliet also believes that Texas Capital's merger with Independent Bank of Texas (IBTX) should result in a "more profitable and less volatile franchise over time".