City National Corp. (CYN) Maintains A Buy Rating

Cantor Fitzgerald has released an update on City National Corp. (NYSE: CYN).

City National has announced that it has exited TARP by redeeming the remaining $200 million of TARP preferred stock. According to Cantor Fitzgerald, the development is positive as it will remove uncertainty related to bank regulators not permitting an earlier exit, and will allow City National Corp. to pay its employees appropriately.

Cantor Fitzgerald continues to rate City National Corp. as a Buy, with a price target of $58.