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First Midwest Bancorp Shares of
First Midwest Bancorp (FMBI) of Itasca, Ill., closed at $12.15 Friday, returning 19% year-to-date, after falling 29% during 2011.
The shares trade for 1.1 times tangible book value and for 13 times the consensus 2013 EPS estimate of 92 cents. The consensus 2012 EPS estimate is 54 cents.
Harmon's price target for First Midwest Bancorp is $13, and the analyst said on Monday that "the recent surge in manufacturing activity
in the Chicago area
appears to weakening, as growth in average hours worked growth turned negative for the first time since 2Q09."
Looking ahead, Harmon said that "while loan growth in Chicago seemed to be picking up in 1Q, the company should also benefit from roll-out of an asset-based lending platform and a more aggressive commercial lending push into downtown Chicago."
Interested in more on First Midwest Bancorp? See TheStreet Ratings' report card for this stock.