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PRO Top Ideas
Top Ideas are high-conviction long or short ideas focused on market mispricings with asymmetric risk/reward profiles.
First Internet Bancorp: At Least 70% Upside By The End Of 2015
- INBK is riding the secular online banking wave to rapidly grow deposit base as well as consumer and residential real estate loans.
- INBK is rapidly growing commercial loans at the right time of business cycle. This will enable it to reap superior returns in the next few years.
- INBK is well positioned for the rising-rate environment, with a huge base of variable rate loans, underutilized deposit base, and management track record in handling rising rate.
- 3Q14 will be the inflection point when revenue and net income growth returns. It will be followed by gangbuster growth in 4Q14 and FY15.
- INBK has at least 70% upside by the end of 2015. It is trading at below book value while growing at 10 times the rate of peers.
- Energy Recovery Inc.: Look For Better Second Half And 2015