KRE - Texas Capital Bank upgraded to Overweight at Piper Sandler on new leadership

ChristianChan/iStock via Getty Images Texas Capital Bancshares (TCBI) stock gains 2.3% after Piper Sandler analyst Brad Milsaps upgrades the bank to Overweight from Neutral as the company's new leadership focuses on de-risking the balance sheet, improving the capital slack, and bringing in new talent from other banks. The analyst has a $75/share price target for Texas Capital Bank, which implies 20.2% upside from yesterday's closing price. "Although the turnaround is in the earliest innings, we view the risk/reward as favorable with shares trading at just around 1.1x TBV as we see very few turnaround stories with the potential to improve returns and re-rate higher over the next several years if TCBI can execute on its strategic plan," Milsaps said in the report. Although TCBI's reported sluggish Q2 earnings, Milsaps thinks that the new CEO will hire new managers and producers, which should lead to better risk adjusted returns over time, the

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Texas Capital Bank upgraded to Overweight at Piper Sandler on new leadership