UPDATE: Jefferies Reiterates Hold Rating, Raises PT on First Financial Bancorp Following 2Q13 Earnings Report

In a report published Tuesday, Jefferies analyst Emlen Harmon reiterated a Hold rating on

, and raised the price target from $16.00 to $18.00. In the report, Jefferies noted, “We are updating estimates following the release of 2Q13 earnings last week. While results for the quarter were a bit better than expected across a few lines, improvement doesn't bleed through to long-term EPS estimates. Outright balance sheet growth is limited by securities run-off and improved credit performance of covered assets doesn't bleed through to the bottom line.” First Financial Bancorp closed on Monday at $16.09.