UPDATE: Guggenheim Securities Reiterates Neutral Rating, Raises PT on Webster Financial
In a report published Monday, Guggenheim Securities reiterated its Neutral rating on Webster Financial Corporation (NYSE: WBS), and slightly raised its price target from $23.00 to $24.00.
Guggenheim noted, “WBS appears uniquely positioned at the moment, as few institutions are capturing both revenue and efficiency initiatives that will provide operating leverage. One offset to sustained EPS growth is our expectation that credit cost will trend higher later in the year, which would reduce some of the EPS growth as reserve release subsides. However, the overall business and profitability improvements should support the current valuation and could create greater upside potential for investors over time.”
Webster Financial Corporation closed on Friday at $21.44.
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