Raymond James last night initiated coverage of Customers Bancorp with a Strong Buy rating and $60 price target. The bank is positioned to benefit from market disruption post the failure of SIVB and SBNY with its FDIC acquisition of venture and capital call loans, the analyst tells investors in a research note. The firm says this should support “significant” loan and deposit growth opportunities that can meaningfully enhance Customers Bancorp’s franchise value. It expects the stock will steadily re-rate higher as management executes on its strategic priorities.
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