UPDATE: J.P. Morgan Raises PT on City National from $56 to $58

J.P. Morgan reiterated an Overweight rating on City National

and raised its price target from $56 to $58. J.P. Morgan noted, “CYN reported 2Q12 EPS of $1.01. Excluding the impact of several items, including $7.3 million of FDIC accounting noise, $5.9 million from recovery of a prior loan charge-off, and $2.8 million of Rochdale transaction costs, core EPS came in at $0.90, which was $0.03 better than our estimate and $0.02 ahead of the Street. The beat was from a combination of revenues coming in stronger than expected and provision on noncovered loans of just $1 million as compared to our forecast of $6 million, offset by a higher tax rate.” City National closed at $49.95 on Thursday.