KRE - Texas Capital Bank upgraded to Outperform at Wedbush new CEO's fast start

Wedbush analyst Peter Winter upgrades Texas Capital Bancshares (TCBI)  to Outperform from Neutral in as the CEO Rob Holmes, who started in June, has already taken actions to strengthen capital ratios, revamp senior executive team, recruit frontline bankers, and reduce excess liquidity.Winter said that the bank's book of business should break even in less than a year given Holmes's rapid progress, however, "we have to wait until September 1 for the details on the strategic plan and the risk of it underwhelming investors."The analyst also raises the price target to $79 from $73, which implies 25.7% upside from the last closing price.He notes that TCBI is trading at the third lowest price/tangible book value at 1.14x, representing a 32% discount to the mid-cap bank median of 1.67x.The Outperform rating diverges from the Neutral Quant rating (best grade for Growth nd worst grade for Revisions) and agrees with the Bullish Wall Street

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Texas Capital Bank upgraded to Outperform at Wedbush new CEO's fast start