UPDATE: Stifel Nicolaus Raises PT to $9 on Hudson City Bancorp on
Stifel Nicolaus reiterated its Buy rating on Hudson City Bancorp (NASDAQ: HCBK) and raised its price target from $8.25 to $9.
Stifel Nicolaus commented, "This increase reflects our updated $112 target price on shares of MTB. We arrive at $9.00 for HCBK using an average of implied HCBK values from MTB's price today ($102.44 x 0.08403 = $8.61) and our revised 2013 target price for MTB ($112.00 x 0.08403 = $9.41). As a reminder, the deal value for HCBK is floating using a fixed exchange ratio, which means that the deal value will fluctuate as MTB shares change in value."
Hudson City Bancorp closed at $8.55 on Wednesday.
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Tags: Stifel Nicolaus