Webster Financial (WBS) PT Lowered to $58 at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods analyst Chris McGratty lowered the price target on Webster Financial (NYSE: WBS) to $58.00 (from $64.00) while maintaining a Outperform rating.

The analyst commented, "Today's 600bps of relative underperformance reflects both modestly negative EPS revisions (-3%), but also more conservative messaging on CRE and capital — both in preparation for an eventual $100B cross. The good thing is WBS has plenty of profitability to absorb these modest headwinds (1.3% ROAA and 18% ROTCE) so at 8x 2024 and 7x 2025E we believe a large portion of this has already been de-risked from the stock."

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