UPDATE: Oppenheimer Holdings Reiterates Outperform Rating, Raises PT on First Midwest Bancorp

In a report published Friday, Oppenheimer Holdings reiterated its Outperform rating on First Midwest Bancorp FMBI, and raised its price target from $13.00 to $14.50. Oppenheimer noted, “While investor focus in recent years has been on credit trends, management at First Midwest has been prudently working through their stressed construction portfolio and building a renewed sales platform. We are a quarter or two away from the inflection point where credit will take a back seat and the growth initiatives will catch the market by surprise. Following our time with management, we have more conviction in our thesis and are raising our price target to $14.50 (from $13).” First Midwest Bancorp closed on Thursday at $12.92.