Keefe, Bruyette & Woods Raises PT On BUSE To $4.75

Keefe, Bruyette & Woods has raised its price target on First Busey Corp. BUSE from $4.50 to $4.75 following 1Q11 results. Says KBW, in its report, “BUSE reported 1Q11 operating EPS of $0.09. The quarter was characterized by an improvement in credit quality as NPAs continue to trend in the right direction; however core revenues declined 6% q/q. We are transferring coverage of First Busey to John Barber from Eileen Rooney, maintaining our Market Perform rating and increasing our price target to $4.75 from $4.50. Following 1Q results, we are also raising our earnings estimates.” Keefe, Bruyette and Woods maintains its Market Perform rating on the stock. BUSE closed yesterday at $5.16.