UPDATE: Citigroup Reduces PT to $60 on SVB Financial Group on Lower NIMs
Citigroup reiterates its Neutral rating on SVB Financial Group (NASDAQ: SIVB) and reduces its price target from $66 to $60.
Citigroup comments, "We reduce our 2013 and 2014 NIM estimates by 5 bps and 13 bps, respectively to 3.36% in 2013 and 3.57% in 2014. Our 2012 NIM estimate remains unchanged. This compares to 3.30% at the end of 1Q12. …In the hypothetical case that rates remain flat through 2014, we estimate that 2012, 2013 and 2014 estimates could fall by another, ~1%, ~6% and ~16% respectively vs our new estimates."
SIVB closed at $56.65 on Thursday.
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