UPDATE: Sterne Agee Downgrades First Midwest Bancorp to Neutral on Expense Outlook
Sterne Agee downgraded First Midwest Bancorp (NASDAQ: FMBI) from Buy to Neutral.
Sterne Agee said, "We are lowering our rating on FMBI to Neutral from Buy in conjunction with a reduced earnings outlook primarily driven by the company's expense forecast. The valuation has increased significantly over the past year as FMBI took more aggressive steps to improve credit quality; however, estimate trimming post 4Q and the resulting peer-level valuation likely will impede additional near-term upside."
First Midwest Bancorp closed at $12.85 on Wednesday.
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