UPDATE: Goldman Sachs Initiates Coverage on City National Corp. with Neutral Rating, $62 PT on Expected Rising Rates

In a report published Tuesday, Goldman Sachs analyst Ryan M. Nash initiated coverage on City National Corp.

with a Neutral rating and $62.00 price target. In the report, Nash noted, “We view CYN among the best positioned for rising rates given its asset sensitivity. However, absent this we see near-term NIM headwinds from (1) increased competition in C&I, (2) limited funding levers, and (3) accretion roll-off. That said, we expect above peers loan growth to continue to provide a lever to offset some downside, while an ability to acquire accretively could provide an EPS lever in an extended lower-for-longer scenario.” City National Corp. closed on Monday at $57.19.