UPDATE: Jefferies Maintains Hold Rating, Raises PT for Webster Financial

In a company note released earlier today, Jefferies & Company, Inc. maintained its Hold rating for Webster Financial Corporation WBS and raised its price target from $22.00 to $24.00. Jefferies went on to say “Despite strong NIM headwinds, we see WBS improving upon solid 1Q results via a larger balance sheet and further efficiency initiatives. Lower levels of reserve bleed going forward will keep the EPS ramp in check, but consensus estimates feel a little light. Upside is limited with shares at 12x 2013 EPS, but any pullback could make for a decent entry point given the potential for positive estimate revisions.” Webster Financial Corporation closed at $22.92 on Friday.