Boenning & Scattergood Starts Webster Financial (WBS) at Outperform; Greater Efficiency & Reserve Reductions to Fuel Earnings Growth

Boenning & Scattergood initiates coverage on Webster Financial (NYSE: WBS) with an Outperform. PT $27.

Boenning analyst says, "Since the low formed in early March 2009, WBS shares have rebounded sharply and more dramatically than the bank stock market, up over 600%. Like most bank stocks, the shares suffered in the wake of eteriorating asset quality and concerns regarding capital adequacy but have since rebounded due to an ongoing recovery in earnings. Looking forward, we believe EPS growth is poised to accelerate further and will be greater than consensus expectations, driven predominately by an intense focus on efficiency and reductions in the allowance for loan losses."

For more ratings news on Webster Financial click here and for the rating history of Webster Financial click here.

Shares of Webster Financial closed at $21.55 yesterday.

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