Miller, Tabak Reaffirms Sell On First Midwest Bancorp

Miller Tabak is reaffirming its Sell rating on shares of First Midwest Bancorp FMBI, and cut the price target to $10.09 on shares. In a note to clients, Miller Tabak writes, "Carrying a heavy over-3% "deadweight ratio" of non-performing assets to earning assets, as well as having the weakest loss reserve/NPA ratio (66%) in our coverage, FMBI's recovery in troubled credits sits squarely in the center of any case to be made for owning or buying the stock, in our opinion. Therefore, FMBI's sharp improvement in credit metrics during 1Q 2011, vs. a sharp deterioration seen in 2H 2010, is a very welcome sign." Shares of FMBI are up 39 cents today to $12.11, a gain of 3.33%.