Hovde initiates coverage on West Bancorporation with 'market perform'

Hovde Group starts coverage of community lender West Bancorporation WTBA.O with "market perform" rating

Sets PT of $25.50 PT, implying a 6% upside to stock's last close

Says WTBA is a historically strong community bank franchise rebuilding its profitability after rate shocks crimped returns

Sees a great deal of optimism on loan growth and further tailwinds from M&A dislocation in Iowa and Minnesota

"For now, we think market perform is appropriate as we await more robust capital readings and material evidence that loan growth is beginning to work higher before we get bullish on shares" - Hovde

As of last close, WTBA stock up 8.6% YTD