Deutsche Bank Downgrades Webster Financial (WBS) to Hold
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Deutsche Bank downgraded Webster Financial (NYSE: WBS) from Buy to Hold with a price target of $43 (unchanged).
"We continue to expect WBS’s premium valuation vs. the group to persist, but based on our price target, which we feel could be somewhat generous given the solid premium vs. the group and the potential for expenses to ultimately trend higher than expected due to mgmt.’s efforts to drive expansion in HSA Bank, we see more limited return potential following the recent upside/outperformance in the stock (+11%/+18% for the past three/six months, vs. +5%/+13% for the group). Post this upside, we expect an 8% return to our 12-month target (incl. divs.), less than our Buy-rated stocks, compelling us to take some chips off the table," said analyst Dave Rochester.
Shares of Webster Financial closed at $40.96 yesterday.
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