UPDATE: Sterne Agee Downgrades MB Financial to Neutral
In a report published Wednesday, Sterne Agee Group downgraded its rating on MB Financial (NASDAQ: MBFI) from Buy to Neutral.
Sterne Agee noted, “Even though MBFI posted better than expected EPS in 2Q12, we are lowering our rating to Neutral, as the shares have moved to within $1 of our price target of $23. Although we believe credit leverage is likely to bolster EPS over the next two quarters, a deceleration in average loan growth to -2% LQA in 2Q12 versus +3% LQA in 1Q12 and +2% LQA in 4Q11 is cause for concern.”
MB Financial closed on Tuesday at $22.33.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.