UPDATE: Jefferies Downgrades Webster Financial to Hold

According to Jefferies, Webster Financial

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.