KBW is out with its report today on City National CYN, raising its PT from $60 to $61.
In a note to clients, KBW writes, "CYN beat street by $0.04. Results were highlighted by strong credit quality (zero core provision), but core PTPP
earnings declined sequentially & the outlook for core PTPP growth remains
challenged. We are raising our '11 EPS estimates by $0.10, to $3.30 (lower
provisions), but maintaining '12 & '13 EPS estimates at $4.40 & $4.85; raising
our PT by $1, to $61."
KBW maintains Market Perform on CYN.
Shares of CYN closed Thursday at $56.11.
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