UPDATE: Stifel Nicolaus Raises PT to $17 on Cardinal Financial

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Stifel Nicolaus reiterated its Buy rating on Cardinal Financial (NASDAQ: CFNL) and raised its price target from $14 to $17. Stifel Nicolaus noted, "Revenues were a significant $0.27/share ahead of expectations at $46M (+20% LQ, +32% Y/Y) due to mortgage banking-driven $0.22 of upside in fee income and $0.04 of upside spread income, which was both NIM and earning assets driven. … Our price target of $17 is based on our discounted earnings model that projects an earnings stream through FY14 and a derived terminal multiple (5.0% sustainable growth), both discounted at 12.5%."Cardinal Financial closed at $14.17 on Tuesday.

20-Year Pro Trader Reveals His "MoneyLine"

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