UPDATE: Keefe, Bruyette & Woods Downgrades PrivateBancorp to Market Perform; Valuation Full

Keefe, Bruyette & Woods lowers its rating on PrivateBancorp PVTB on valuation following share price rise, but raises its price target from $16 to $17 on healthy fundamentals. Keefe, Bruyette & Woods notes, "PVTB reported a 1Q beat to our estimate and consensus, fueled by continued resiliency in the NIM, healthy loan growth, and further progress on the credit front. All points signal continued improvement in the fundamentals; however, based on the significant move in the shares recently and resulting improved valuation we are moving our rating to Market Perform. Raising estimates and price target to $17 from $16." PVTB closed at $16.06 on Monday.