UPDATE: FIG Partners Downgrades First Midwest Bancorp to Market-Perform Following Price Appreciation
FIG Partners lowered its rating on First Midwest Bancorp (NASDAQ: FMBI) from Outperform to Market Perform with a reiterated $12 price target.
FIG Partners commented, "We are lowering our investment rating on First Midwest to ‘MarketPerform' from ‘Outperform' based solely on stock price appreciation. Our price target remains unchanged at $12/share. … First Midwest remains one of the more attractive Chicago-based franchises with a strong deposit base and improving core loan growth trends. While we think the Company will remain independent for the foreseeable future the FMBI franchise remains an attractive potential target for larger regional banks looking to expand their Chicago presence."
First Midwest Bancorp closed at $11.78 on Monday.
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