UPDATE: FIG Partners Initiates Outperform, $30 PT on Lakeland Financial Corporation

FIG Partners initiates its coverage on Lakeland Financial Corporation LKFN with a rating of Outperform and a $30 price target to reflect internal growth in Northern Indiana. FIG Partners notes, "Our earnings estimates for 2012 and 2013 are $2.00 and $2.25 per share, respectively. This compares to the consensus estimates of $2.06 and $2.31, respectively, over the same time period. For 1Q12 we expect LKFN to report earnings of $0.48 per share vs. the consensus of $0.49. The Company is expected to report results on April 25th." LKFN closed at $26.01 a share on Wednesday.