Jefferies Raises Price Target on SVB Financial (SIVB) Following Strong Q3 Results and Outlook
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Price: $106.04 --0%
Rating Summary:
11 Buy, 18 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 11 | New: 13
Rating Summary:
11 Buy, 18 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 11 | New: 13
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Jefferies is maintaining its Hold rating on shares of SVB Financial (NASDAQ: SIVB) while raising its price target from $42 to $45.
The firm notes that strong gains in securities and warrants drove the quarters upside, and as a result Jefferies has increased its 2011 and 2012 EPS estimates from $3.19 and $2.65 to $3.25 and $2.80. The firm is also raising its 2013 EPS estimate from $2.75 to $3.10.
During the quarter, deposit balances fell $100 million following six consecutive quarters of $1 billion growth.
An analyst at Jefferies comments, "Margin forecasting remains challenging given volatile deposit balances, but we have a positive bias on NIM expansion despite the large securities book, given more balance between loan/deposit growth. We view management's preliminary guidance on loan growth as conservative given strong client acquisition trends in a favorable business environment."
For more ratings news on SVB Financial click here and for the rating history of SVB Financial click here.
Shares of SVB Financial closed at $46.05 yesterday.
The firm notes that strong gains in securities and warrants drove the quarters upside, and as a result Jefferies has increased its 2011 and 2012 EPS estimates from $3.19 and $2.65 to $3.25 and $2.80. The firm is also raising its 2013 EPS estimate from $2.75 to $3.10.
During the quarter, deposit balances fell $100 million following six consecutive quarters of $1 billion growth.
An analyst at Jefferies comments, "Margin forecasting remains challenging given volatile deposit balances, but we have a positive bias on NIM expansion despite the large securities book, given more balance between loan/deposit growth. We view management's preliminary guidance on loan growth as conservative given strong client acquisition trends in a favorable business environment."
For more ratings news on SVB Financial click here and for the rating history of SVB Financial click here.
Shares of SVB Financial closed at $46.05 yesterday.
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