UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on PrivateBancorp

In a report published Wednesday, Jefferies & Company reiterated its Hold rating on PrivateBancorp

, but lowered its price target from $18.00 to $16.00. Jefferies noted, “Post meetings with CFO Kevin Killips, we cut our 2013 EPS estimate a dime to $1.15 due primarily to a weaker NIM forecast. Despite a tougher rev. outlook, there is little opportunity for expense leverage leaving credit recovery, which is slowing, as the only positive EPS driver. At 1.1x book, downside is limited, but stock is vulnerable to some near-term underperformance until NIM forecasts are revised lower.” PrivateBancorp closed on Tuesday at $15.60.