UPDATE: Jefferies Maintains Hold on SVB Financial Group; Lowers PT from $71 to $68

Jefferies reiterated a Hold rating on SVB Financial Group

and lowered its price target from $71 to $68. Jefferies remarked, “2Q results again exceeded expectations this time via venture capital gains, which overcame a rare miss in net interest income. Management upped guidance on loan growth, but left NIM guidance the same, which indicates to us that the company is still benefitting from a healthy tech sector, but still battling low interest rates. Our estimates remain above consensus, but this is not lost on the market with shares at 16x 2013 EPS.” SVB Financial Group closed at $59.10 on Friday.