UPDATE: FIG Partners Upgrades First Midwest Bancorp to Outperform

In a report published earlier today, FIG Partners LLC upgraded its rating for First Midwest Bancorp, Inc.

to Outperform and reiterated its price target of $12.00. FIG Partners went on to say “Given FMBI's comments on the 1Q12 conference call regarding NCOs/credit we are not really that surprised by the recent pullback. That said we now believe those comments have been mostly reflected in the shares. Accordingly with FMBI shares now trading near the $10 level we believe the risk/reward is more favorable for investors looking to get “long” FMBI shares.” First Midwest Bancorp, Inc. closed yesterday at $10.10