UPDATE: Bank of America Reiterates Buy Rating, Raises PT on SVB Financial Group as Long-Term Value Remains Compelling

In a report published Thursday, Bank of America analyst Ibrahim H. Poonawala reiterated a Buy rating on

, and raised the price target from $130.00 to $150.00. In the report, Bank of America noted, “We believe SIVB should outperform based on our outlook for above average EPS growth as the bank benefits from a booming innovation sector - SIVB's primary customer base - and the significant EPS upside to rising short rates which should lead to further multiple expansion as investors increase exposure to the name in the run-up to an eventual Fed rate tightening.” SVB Financial Group closed on Wednesday at $124.96.