UPDATE: Jefferies Reiterates Hold Rating, Raises PT on SVB Financial Group

In a report published Monday, Jefferies reiterated its Hold rating on SVB Financial Group

, and raised its price target from $64.00 to $66.00. Jefferies noted, “We raise estimates a dime to $3.75/$4.10 following 4Q results, which benefited from strong VC gains and outsized loan growth. Despite double-digit loan growth prospects and a stable NIM outlook, SIVB's outsized investment portfolio (over 50% of assets) continues to anchor the revenue forecast into single-digit territory, which makes it difficult to drive EPS growth strong enough to warrant a 17x P/E multiple.” SBV Financial Group closed on Friday at $64.15.