UPDATE: JP Morgan Raises PT to $56 on City National Corporation, Reiterates Neutral on 2013 Headwinds
JP Morgan maintained City National Corporation (NYSE: CYN) with a Neutral rating and raised the price target from $54.00 to $56.00.
JP Morgan said, "While we believe the company is a great franchise over the longer term given strong private and business bank segments in attractive markets, as well as being one of the most levered banks to rising rates (over half of deposits are noninterest bearing), we see several headwinds in 2013 which should render muted EPS growth (~3% in 2013). Headwinds largely fall on the top line as pricing pressure will likely challenge both NIM and NII, loan demand abating in 1Q13, and a need to compensate for NII from covered asset run-off."
City National Corporation closed at $57.33 on Monday.
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