UPDATE: J.P. Morgan Raises PT on MB Financial to $19.50

J.P. Morgan is out with its report today on MB Financial MBFI, raising its PT from $18 to $19.50. In its report, J.P. Morgan writes, "MBFI shares trade at 1.25x TBV, in line with peeers. In conjunction with raising our estimates, we are increasing our December 2012 price target from $18 to $19.50, which assumes the shares trade at 8x normalized EPS, or maintain their current discount valuation. Our target also assumes the shares trade at 1.26x YE12 TBV of $15.37, or maintain their current multiple. With the potential upside to our price target in line with peers', we rate MBFI shares Neutral." Shares of MBFI closed Friday at $16.85.