UPDATE: J.P. Morgan Raises PT on SVB Financial to $54

J.P. Morgan is out with its report today on SVB Financial (NASDAQ: SIVB), raising its PT from $51 to $54.

In its report, J.P. Morgan writes, "SIVB shares currently trade at 1.2x TBV, in line with peers. Following the earnings beat, we are increasing our Dec. 2012 price target from $51 to $54 which assumes the stock trades at 1.4x YE12 TBV of $38.05. Our price target also implies the shares trade at 8.3x our normalized (2015) EPS estimate of $6.50, up from the current valuation of 6.4x."

J.P. Morgan maintains Overweight on SIVB.

Shares of SIVB closed Thursday at $41.51, up 0.02% from Wednesday's close.