Keefe, Bruyette & Woods Cuts Estimates And Price Target On Hudson City Bancorp

According to Keefe, Bruyette & Woods, Hudson City Bancorp

estimates and price target are cut due to lower reinvestment rates in the quarter and the ongoing lack of available growth opportunities. Keefe, Bruyette & Woods said that it is hesitant to recommend the shares at this time based on the ongoing margin, growth and regulatory headwinds combined with the risk of another restructuring. “We believe a more positive view would hinge on higher rates and/or an outright sale of the franchise–neither of which appears imminent.” Hudson City Bancorp closed yesterday at $8.16.