UPDATE: Raymond James Upgrades SVB Financial Group to Strong Buy, Raises PT as Growth Runway Remains Robust

In a report published Tuesday, Raymond James analyst David J. Long upgraded the rating on SVB Financial Group SIVB from Outperform to Strong Buy, and raised the price target from $129.00 to $135.00. In the report, Raymond James noted, “We are raising our rating on SIVB shares to Strong Buy from Outperform. Strong QTD C&I growth (Federal Reserve's H.8 data) and accelerating venture capital activity (National Venture Capital Association) bode well for SVB's loan growth and gains, which we believe will lead to positive EPS revisions. Subsequently, we believe strong loan growth and rising EPS estimates, combined with SVB's asset sensitivity, will lead to attractive stock price appreciation. We believe SVB's peer-best growth profile deserves a premium valuation.” SVB Financial Group closed on Friday at $116.93.