Jefferies Raises Price Target On First Midwest Bancorp (FMBI) to $13

Jefferies raises its price target on First Midwest Bancorp (NASDAQ: FMBI) from $12 to $13 and kept its Buy rating.

The firm comments, "While non-performing assets were driven higher by two credits in the 4Q, earlier-stage credit buckets showed significant improvement, which should help generate significant credit leverage heading into 2012. As the company starts to put credit costs behind it, growth initiatives should start to come into focus, with loan growth and NII picking up in the back half of the year."

For an analyst ratings summary and ratings history on First Midwest Bancorp click here. For more ratings news on First Midwest Bancorp click here.

Shares of First Midwest Bancorp closed at $10.95 yesterday, with a 52 week range of $6.89-$13.48.

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