J.P. Morgan Raises Its PT on MB Financial (MBFI)

J.P. Morgan is out with its report today on MB Financial MBFI, raising its price target on MBFI from $22 to $23. In a note to clients, J.P. Morgan writes, "With MBFI shares trading at 8.3x normalized EPS of $2.33, not only do the shares trade at a 20% discount to peers, but they also trade well below the historical P/E of 13.4x. In line with our estimate revisions, we are taking our Dec 11 price target from $22 to $23. Following 4Q results, we are tweaking our 2011 and 2012 EPS estimates from $0.53 and $1.63 to $0.54 and $1.68, respectively." J.P. Morgan maintains Overweight on MBFI. Shares of MBFI are trading pre-market at $19.42, up 0.52% from Friday's close.