UPDATE: D.A. Davidson & Co. Reiterates on SVB Financial Group as Loan Growth Remains Strong with Bullish Outlook

In a report published Friday, D.A. Davidson & Co. analyst Gary P. Tenner reiterated a Neutral rating on

, and raised the price target from $93.00 to $100.00. In the report, D.A. Davidson & Co. noted, “Maintaining NEUTRAL rating and raising price target from $93 to $100. Our $100 target represents a 25x multiple on our revised 2014 EPS estimate of $4.06 (which excludes warrant and securities gains) and 23x 2015E EPS of $4.32, in line with the current market multiple on SIVB's forward earnings. The company's 3-year trailing P/E ratio is 18.3x but it has risen this year as the market discounts a healthier environment, tech sector IPO activity, and higher interest rates. While tech IPO activity may continue to drive EPS growth, management suggested on the SIVB conference call that ‘more FireEyes' are not probable over the next 12-18 months. SIVB reported 3Q13 EPS of $1.46, well above our $1.09 estimate due to the net positive impact of the FireEye IPO during the third quarter. The net pretax impact of this IPO was $31.9 million (~$0.45), consisting of equity warrant gains of $8.1 million and nonmarketable and other securities gains of $29.4 million (net of non-controlling interests.” SVB Financial Group closed on Thursday at $95.36.