UPDATE: KBW Raises PT on CVB Financial to $12

KBW is out with its report today on CVB Financial

, raising its PT from $11 to $12. In a note to clients, KBW writes, "Solid credit quality improvement drove record earnings and a quarterly beat from CVBF in 2Q11; we are raising EPS estimates and increasing our price target by $1. We reiterate at OP: the bank has strong capital, materially improved credit quality, and earnings levers to pull by improving operating leverage in 2H2011. We also believe that CVB is well positioned as an acquirer." Shares of CVBF closed Monday at $9.80, down 1.31% from Friday's close.