Jefferies Maintains a 'Hold' on Webster Financial (WBS); P260 on Track, But is it Sustainable

July 16, 2012 10:06 AM EDT
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Price: $51.82 --0%

Rating Summary:
    4 Buy, 14 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 6 | Down: 10 | New: 6
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Jefferies maintains a 'Hold' on Webster Financial (NYSE: WBS) price target of $23.00 (from $22.00).

Analyst, Casey Haire, said, "Fundamentals are in solid shape with loan pipelines full (at steady pricing), credit recovering, more efficiency initiatives coming, and capital return chatter heating up. We expect positive estimate revisions near-term as the street warms up to P260 hitting targets, but valuation seems fair (at 12x 2013) and sustainability of a 60% efficiency ratio could prove difficult given reinvestment risk within the securities portfolio." (Raises FY13 revenue estimate from $795.5M to $799.8M)

For an analyst ratings summary and ratings history on Webster Financial click here. For more ratings news on Webster Financial click here.

Shares of Webster Financial closed at $22.40 yesterday.

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