UPDATE: Deutsche Bank Raises PT on First Niagara Financial on CEO Departure
Deutsche Bank maintained First Niagara Financial (NASDAQ: FNFG) with a Buy rating and raised the price target from $9.50 to $10.00.
Deutsche Bank analyst Dave Rochester noted, "Reiterating Buy rating on shares of FNFG and raising target price following the departure of President and CEO John Koelmel. Expect investors could continue to assign a valuation discount to the shares versus peers given a relatively weaker capital position, we believe this discount will shrink over time more than we had originally anticipated given Koelmel's departure, and would expect this news to serve as a positive catalyst for the stock in the near-term."
First Niagara Financial closed at $8.44 on Tuesday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.