UPDATE: Jefferies Lowering Price Target on Boston Private Financial

Jefferies & Co. is out with a research report on Boston Private Financial (NASDAQ: BPFH) and is lowering its price target to $6.50 from $7, and it has a Hold rating on shares.

In a note to clients, Jefferies & Co. writes, "Post our meeting with CEO Clay Deutsch, we remain comfortable with credit quality and rebuilding capital ratios, but are less optimistic on growth prospects given an increasingly competitive lending environment and room for more runoff within the CRE portfolio."

Shares of BPFH closed at $6.20 yesterday.