UPDATE: Sterne Agee Upgrades SVB Financial to Buy
Symbols: SIVB
According to Sterne Agee, SVB Financial (NASDAQ: SIVB) is upgraded to Buy.
Sterne Agee said that it is upgrading the shares of SIVB headed into 2012, a year when revenue growth will prove challenging and outliers stand to be rewarded for differentiated performance. “Our PT of $55 is based on 1.4x our forward TBVPS estimate and equates to ~14.5x our FY13E, noting a ten-year average forward P/E of 18.6x.”
SVB Financial closed yesterday at $49.25.
(c) 2012 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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