Oppenheimer Reiterates PrivateBancorp Rating

Third quarter '10 was an important quarter for PrivateBancorp PVTB in multiple areas, with credit costs finally declining and loan balances growing, Oppenheimer reports. “Given the strong base of experienced business bankers across the Midwest at Private, we expect additional growth in C&I loans in 4Q10,” Oppenheimer writes. “Today, roughly 43% of Private's loans are C&I. With PVTB trading at 8.1x our '12 EPS estimate we feel the stock remains undervalued.” Oppenheimer said that it sees multiple expansion going forward as the positive trends reported in 3Q10 follow through in the fourth quarter and into next year. “Our price target remains $15.50,” Oppenheimer adds. PrivateBancorp currently trades at $12.60.