Jefferies Maintains a 'Hold' on SVB Financial (SIVB); 4Q Results Good, but 2012 Guidance Better

Jefferies maintains a 'Hold' on SVB Financial (NASDAQ: SIVB) price target raised from $48 to $57.

Jefferies analyst says, "4Q results exceeded expectations thanks to solid loan growth and another strong contribution from securities/warrant gains. Securities/warrants gains remain wild cards, but the spread income trajectory carries ample momentum into 2012 and we have boosted our estimates accordingly. Few banks can match SIVB's growth trajectory and low credit risk, but upside is limited with the shares trading at 18x 2012 EPS."

"Our estimates go to $3.15 (from $2.90) and to $3.50 (from $3.25) in 2012 and 2013, respectively.

For an analyst ratings summary and ratings history on SVB Financial click here. For more ratings news on SVB Financial click here.

Shares of SVB Financial closed at $56.57 yesterday.

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