UPDATE: Guggenheim Upgrades Heartland Financial to Buy

Guggenheim raises its rating on Heartland Financial

to Buy from Neutral and ups its price target to $20 from $18 on loan growth outlook. Guggenheim says, "We are raising our rating on HTLF to BUY from NEUTRAL with a $20 price target (up from $18) given an improving outlook for loan growth in the agMidwest. Also, the earnings drag from smaller subs in AZ, CO and MN appears to be nearly over. Our PT equates to 136% of YE11A TBV, 127% of YE12E TBV, 14x FY12E, and a 2% yield." HTLF closed at $15.62 a share yesterday.