In a report published Monday, Jefferies reiterated its Hold rating on SVB Financial Group SIVB, and raised its price target from $64.00 to $66.00.
Jefferies noted, “We raise estimates a dime to $3.75/$4.10 following 4Q results, which benefited from strong VC gains and outsized loan growth. Despite double-digit loan growth prospects and a stable NIM outlook, SIVB's outsized investment portfolio (over 50% of assets) continues to anchor the revenue forecast into single-digit territory, which makes it difficult to drive EPS growth strong enough to warrant a 17x P/E multiple.”
SBV Financial Group closed on Friday at $64.15.
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