UPDATE: Jefferies Raises PT on PrivateBancorp to $16

Jefferies is out with its report today on PrivateBancorp PVTB, raising its PT from $14 to $16. In a note to clients, Jefferies writes, "We are cutting estimates to account for slower progress on credit resolution and weaker loan growth. Our 2011 EPS estimate goes to $0.30 from $0.35 and we move to $0.75 from $0.90 in 2012. Our price target declines to $14 from $16." Shares of PVTB closed Wednesday at $12.03.