In a report published on Friday, D.A. Davidson analyst Stephen Geyen initiated coverage on First Midwest Bank FMBI with a Buy rating and a $15.50 price target.
In the report, D.A. Davidson commented, "We believe management continues to make significant progress to bring down operating expense, reduce credit costs, and drive revenue growth. By our estimate, operating expense is projected to decline 5.7% in 2013, fee income is projected to increase 12.9%, and loan growth is likely to be in the mid- to high-single digits."
First Midwest Bank closed on Thursday at $12.90
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