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Fly News Breaks for October 8, 2019
Oct 8, 2019 | 06:53 EDT
As previously reported, Stephens analyst Terry McEvoy upgraded First Midwest to Overweight from Equal Weight with a price target of $23, up from $21. First Midwest has underperformed peers since February, noted McEvoy, who feels the company's target of high-single-digit to low-double-digit loan growth is achievable and should support higher net interest income. He also believes the earnings growth generated from the acquisitions of Bridgeview and Park Bank is not reflected in First Midwest's current valuation, adding that the stock has rarely been valued below its Midwest bank peers in the 20 years he's been covering the shares.
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