UPDATE: Sterne Agee Upgrades SVB Financial to Buy

According to Sterne Agee, SVB Financial

is upgraded to Buy. Sterne Agee said that it is upgrading the shares of SIVB headed into 2012, a year when revenue growth will prove challenging and outliers stand to be rewarded for differentiated performance. “Our PT of $55 is based on 1.4x our forward TBVPS estimate and equates to ~14.5x our FY13E, noting a ten-year average forward P/E of 18.6x.” SVB Financial closed yesterday at $49.25.