Davenport Initiates Coverage on Wilmington Trust (WL) with a Buy; Long-Term Valuation Compelling
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Davenport initiates coverage on Wilmington Trust Corporation (NYSE: WL) with a Buy. Price target $21.
Davenport analyst says, "These shares have fallen dramatically due to adverse asset quality trends, impairment charges, the weak equity markets and capital concerns. Historically, WL has been assigned a premium price/earnings multiple due to the significant fee revenue it generated that resulted in higher than average returns on equity. We feel the market has over-reacted to recent negative events and is largely ignoring the positive contributions from a variety of non-spread businesses that should enable the company to earn its way through the current economic cycle...Wilmington Trust operates in attractive markets...The worst of the pressure on the net interest margin should be behind the company...The company’s fee generating businesses have been resilient in the face of a tough equity marketplace."
To see more analyst ratings on WL Click Here.
Wilmington Trust Corporation is a financial holding company engaged in providing a range of banking and other financial services through its banking and other subsidiaries.
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