UPDATE: Jefferies Raises PT on SVB Financial Group to $37

Jefferies raises its price target $3 to $60 on Hold-rated SVB Financial Group SIVB following highlights from a meeting with company management. Jefferies notes, "Overall tone from our meeting with CFO Mike Deschenaux was uniformly positive with encouraging commentary on loan pipelines, NIM outlook, capital adequacy and credit quality. While there is no clarity on whether SIVB holds Facebook warrants, we view the offering as a big positive regardless given the potential for wealth creation. Only sticking point is valuation (at 18x 2012 EPS), which limits upside and keeps us at Hold." SIVB closed at $59.57 on Monday.