UPDATE: Jefferies Lowers PT on Associated Banc-Corp on Long-Term Headwinds

In a report published Friday, Jefferies analyst Emlen Harmon reiterated a Buy rating on Associated Banc-Corp

, but slightly lowered the price target from $17.00 to $16.00. In the report, Harmon noted, “Despite a beat on mortgage and expenses, long-term earnings show new headwinds, notably a 15bp decline in NIM. While our 2013 EPS estimate goes up a penny (to $1.06) on the EPS beat and positive expense trends, accelerated margin pressure pushes '14 down a nickel (to $1.10).” Associated Banc-Corp closed on Thursday at $13.98.