Customers Bancorp, Inc. (NYSE:CUBI) shares are up more than 200% since the start of the year, but analysts at Wedbush think the stock is still undervalued given the following:

1) Analysts forecast above-average EPS growth over the next two years,

2) The company addressed several overhangs weighing on valuation including, strengthening the deposit franchise and capital ratios and heavy lifting of repositioning the loan portfolio is mostly over, setting the stage for stronger loan growth in 2022,

3) Transition from a community bank to a digital company.

According to the analysts, there is a tremendous diversity of revenue sources with plenty of runway for future growth that the analysts believe is not being reflected in the valuation.