UPDATE: Jefferies Reiterates Hold Rating, Raises PT on MB Financial Following Taylor Capital Acquisition Announcement

In a report published Tuesday, Jefferies analyst Emlen Harmon reiterated a Hold rating on

, and raised the price target from $25.00 to $29.00. In the report, Jefferies noted, “In conjunction with quarterly earnings, MBFI announced the acquisition of Taylor Capital, which should increase assets by over 50%. We view the acquisition as a solid strategic fit, making MBFI the largest independent Chicago bank in Cook County and providing several sources of earnings diversity. Our price target goes to $29 (from $25), boosted by EPS accretion and improved franchise value.” MB Financial closed on Monday at $27.21.