UPDATE: Deutsche Bank Upgrades Webster Financial Corporation to Buy, Reiterates $24 PT

In a report published Monday, Deutsche Bank upgraded its rating on Webster Financial Corporation

from Hold to Buy, and reiterated its $24.00 price target. Deutsche Bank noted, “We are upgrading shares of WBS, as we find the risk/reward more compelling following the recent sell-off. Further execution on efficiency initiatives should continue to support EPS, offsetting a moderation of mortgage banking income and lost fees from a potential shift to neutral check ordering in 2013, driving valuation higher to levels more in line with peers. Finally, the new share buyback plan highlights WBS's strong capital position and provides additional share support.” Webster Financial Corporation closed on Friday at $19.82.