According to Jefferies, Webster Financial WBS is downgraded to Hold.
Jefferies said that it moves to the sidelines on WBS post the recent runup, with the stock trading at its $21 PT and valuation metrics in line with peers. “Our price target of $21 is established by applying a target multiple of 13x to our 2013 EPS estimate (discounted 1 year at 10%). Our 13x multiple is in line with the company's historical average multiple.”
Webster Financial closed yesterday at $21.15.
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