The bank crisis put Webster Financial through a test that shows it has a "resilient business model," according to Deutsche Bank. Analyst Bernard von-Gizycki initiated coverage of the regional bank with a buy rating. He set his price target at $47, implying 27% upside from where shares closed Wednesday. Webster Financial's shares have declined 20% since the start of the banking crisis March 9. "WBS came out of the peak of the recent crisis showing resiliency in its business model (grew both deposits and loans vs. declines in deposits for many peers) and remains in a better position to navigate the current operating backdrop, in our view," von-Gizycki wrote in a Thursday note. The bank is not completely out of the woods, he cautioned. Von-Gizycki expects difficulties to persist over the next 12 months from a combination of deposit outflows and higher funding pressures, in addition to a potential recession. However, he said, "we believe WBS has a number of levers to manage through it while growing loans and funding it with deposit growth." "WBS has a diversified loan book, funding flexibility should support a lower deposit beta vs. peers despite rate pressure, solid execution on the Sterling deal that is expected to deliver better performance metrics vs. at the time of deal announcement, and will deliver cost savings that will help fund growth opportunities across the business," von-Gizycki said. He added the recent sell-off of shares seems "overdone" given strong trends in deposits and well-positioned asset sensitivity, plus strong credit and capital trends compared with its peers. "WBS appears to have gotten through the height of the recent banking crisis relatively better than most peers, which highlights their resilient bank model." — CNBC's Michael Bloom contributed to this report.