FMBI - First Midwest Bancorp Q3 beat leads to bull call by RayJay

Raymond James analyst Daniel Tamayo upgrades First Midwest Bancorp ([[FMBI]] -0.4%) to Outperform from Market Perform after the bank's Q3 results reflected beats on fee income, lower provision for credit losses, higher net interest income, and a lower tax rate.Notes that pretax pre-provision income (PTPPI) outlook improved for revenue and expenses and deferrals declined to less than 3% of non-PPP loans at quarter-end.Raises 2020 EPS estimate by 11 cents to $1.03, 2021 EPS estimate by 61 cents to 90 cents; establishes 2022 EPS estimate of $1.22.Though Tamayo revised his projections on FMBI's net interest margin, which missed estimates in Q3, "we look for stable to increasing levels going forward, where the bank's strong core deposit base will provide upside if we get a steeper yield curve or higher rates, driving a return to strong profitability metrics," he wrote."As a result, we believe FMBI shares should trade at least in line

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First Midwest Bancorp Q3 beat leads to bull call by RayJay