KBW Downgrades Webster Financial (WBS) to Market Perform
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Keefe Bruyette Woods downgrades Webster Financial (NYSE: WBS) from Outperform to Market Perform and maintains its $23 price target.
The firm said its downgrade is the result of a rally in shares of Webster over the last few month: the stock is up more than 80% from its July lows around $13. From a longer-term perspective, Keefe Bruyette still believes Webster "has enough capital to weather issues brought on by both credit and impaired securities."
Webster Financial Corporation operates as the holding company for the Webster Bank that provides commercial banking, retail banking, consumer financing, mortgage banking, trust, health savings accounts, and investment services in the United States.
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