UPDATE: FIG Partners Upgrades MutualFirst Financial to Outperform, Reiterates $15 PT on 4Q12 EPS

In a report published Wednesday, FIG Partners upgraded its rating on MutualFirst Financial

to Outperform, and reiterated its $15.00 price target. FIG Partners noted, “We are raising our rating on shares of MFSF to ‘Outperform'. Admittedly, we have missed the stock price run up over the last 12 months, but we believe upside continues to exist as the company posts positive profits and grows tangible book value in coming quarters. Our one year price target of $15 assumes shares trade at 95% of tangible book or 17x our 2013 earnings estimate. Credit quality and profitability are not yet at acceptable levels though are expected to improve. We believe the company must demonstrate some traction on the commercial lending front following it's charter change a year ago in order to maintain its independence.” MutualFirst Financial closed on Tuesday at $13.15.