UPDATE: Jefferies Raises PT on First Midwest Bancorp Following CEO Road Trip

In a report published Tuesday, Jefferies analyst Emlen Harmon reiterated a Buy rating on First Midwest Bancorp FMBI, and raised the price target from $14.00 to $15.00.

In the report, Jefferies noted, “We recently traveled with FMBI CEO Mike Scudder. The company is focused on growing loans, and believes it can generate 5% - 7% growth while diversifying the balance sheet by adding new lending products. Expenses should decline near-term on the run-off of credit remediation expenses, and there is long-term help from the restructuring of branch infrastructure and compensation.”

First Midwest Bancorp closed on Monday at $12.74.