UPDATE: FIG Partners Reiterates Market Perform Rating, Raises PT on CoBiz Financial

In a report published Monday, FIG Partners reiterated its Market Perform rating on CoBiz Financial

, and slightly raised its price target from $7.25 to $8.00. FIG Partners noted, “CoBiz reported 4Q12 results of $0.17 per share vs. $0.14 in 3Q12. The core results of $0.15 compared to our estimate of $0.14 and the consensus of $0.15 per share. Overall this was a solid quarter for the Company as loan growth was strong and credit quality continued to show improvement despite an uptick in performing TDRs. The better than expected results were primarily driven by lower expenses (provision + operating expenses).” CoBiz Financial closed on Friday at $7.73.