Jefferies Maintains First Midwest $12 PT, Hold Rating (FMBI)

Jefferies maintained its First Midwest FMBI $12 price target and Hold rating in a research report published today. In the report, Jefferies states, "The write-down of FMBI's worst problem assets was a step in the right direction, as the company looks to resume sustainable profitability. While credit costs are likely to remain elevated in 2011 given a difficult economic environment in Chicago, the company should be able to maintain profitability through the year." Jefferies reduced its 2011 EPS estimate to $0.40 from $0.50 and increased its 2012 EPS estimate to $0.90 from $0.85 in the report, following First Midwest's Q4 2010 and FY 2010 earnings statement yesterday. Shares of First Midwest were at $11.97 at the time of posting in after-hours trading, reflecting no change from Wednesday's market close.