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SunTrust downgrades MB Financial to 'hold' after deal announcement

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SunTrust downgrades MB Financial to 'hold' after deal announcement

Downgrade

* SunTrust Robinson Humphrey analyst Michael Young downgraded his rating on Chicago-based MB Financial Inc.'s stock to "hold" from "buy."

The analyst raised MB Financial's stock price target to $52 from $48. The announced deal price of $54.20 per share was higher than the analyst's previous price target.

Young attributed the downgrade to MB Financial's pending acquisition by Cincinnati-based Fifth Third Bancorp. Young wrote that "the acquisition price confirmed our thesis that [MB Financial] is a valuable and profitable franchise with a shareholder aligned management team trading at a discount."