UPDATE: Jefferies Raises Price Target on City National to $48

According to Jefferies, City National

price target is raised to $48. Jefferies said that CYN is still poised to modestly grow EPS thanks to deposit growth, cost discipline, and low credit costs. “Capital management is unlikely to make a meaningful splash with buybacks off the table and few M&A opportunities big enough to move the EPS needle.” City National closed on Friday at $48.50.