Struggling Flagstar Bancorp (FBC) is initiated with a Buy and $18 price target by BTIG's Mark...


Struggling Flagstar Bancorp (FBC) is initiated with a Buy and $18 price target by BTIG's Mark Palmer. The stock trades at about 72% of TBV, reflecting, says Palmer, concerns over TARP repayment and legacy issues. Both worries are manageable, says Palmer - he feels the bank has over-reserved for litigation and loan losses and underlying profitability should allow the more than $300M TARP repayment without the need for a capital raise.

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