UPDATE: Keefe, Bruyette & Woods Reiterates Market Perform Rating, Lowers PT on People's United Financial on 4Q14 Follow-Up

In a report published Tuesday, Keefe, Bruyette & Woods analyst Collyn Gilbert reiterated a Market Perform rating on

, but lowered the price target from $14.00 to $13.50. In the report, Keefe, Bruyette & Woods noted, “Following People's 4Q14 earnings results, we are lowering our 2015 and 2016 EPS estimates to $0.81 from $0.90, and to $0.94 from $1.06, respectively. The reduction in our estimates reflects a lower NIM outlook. We are maintaining our Market Perform rating, but lowering our target price to $13.50 from $14.00.” People's United Financial closed on Friday at $14.17.