UPDATE: Jefferies Raises Target to $57 on SVB Financial

Jefferies reiterates its Hold rating on SVB Financial SIVB on good 4Q results from the company, and raises its price target by $9 to $57 on better-than-expected guidance. Jefferies 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." SIVB closed at $56.57 a share on Friday.