UPDATE: Jefferies Upgrades Associated Banc-Corp to Buy

Jefferies is out with its report today on Associated Banc-Corp ASBC, upgrading ASBC from Hold to Buy. In a note to clients, Jefferies writes, "We are upgrading ASBC to Buy (from Hold) following the release of 2Q earnings results on 7/21. The company has distinctive loan growth opportunities, holds significant excess capital, and has comprehensively scrubbed the loan portfolio; also improvements underway significantly improve the appeal of the franchise. Our price target of $16 reflects a 12x multiple on our normal earnings estimate of $1.35." Shares of ASBC closed Friday at $13.78, up 1.47% from Thursday's close.