UPDATE: Jefferies Raises PT on City National to $62 (CYN)

Jefferies is out with its report today on City National

, raising its PT on CYN from $58 to $62. In a note to clients, Jefferies writes, "Our price target of $62 applies a 15x multiple to our 2013 earnings estimate (discounted 2 years at 10%). Our multiple is slightly higher than the historical average multiple (14.5x), but justified given CYN's excess capital levels. Risk to our price target include limited capital actions and greater-than-expected margin compression." Jefferies maintains Hold on CYN. Shares of CYN closed Friday at $56.11.