In a report published Wednesday, Deutsche Bank analyst Dave Rochester reiterated a Hold rating on City National CYN, and raised the price target from $77.00 to $78.00.
In the report, Deutsche Bank noted, “CYN is more of a growth story, is more asset sensitive, and should grow EPS faster in FY15, justifying a higher P/E vs. CFR (CYN's FY15 P/E is 16.7x vs. CFR's 17.3x). CFR's recent strength due to a modest pick-up in loan growth and the continued appetite for extending duration in the securities book (munis 19% of assets, one of the highest levels in the industry).”
City National closed on Tuesday at $72.56.
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