Barclays Maintains an 'Overweight' on City National (CYN); 3Q11 EPS Preview: Can Loan Growth Continue and Mitigate Margin Concerns?
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Price: $1.11 +3.74%
Rating Summary:
8 Buy, 10 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
8 Buy, 10 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Barclays maintains an 'Overweight' on City National (NYSE: CYN) price target of $65.00.
Barclays analyst says, "Following seven straight quarters of material credit quality improvement, we believe a return to more robust loan demand/higher short-term interest rates may be required to drive shares of City National meaningfully higher. Although its loan pipeline was solid at the end of 2Q11, we will be watching to see if recent economic weakness has tempered demand. We remain concerned about near-term NIM contraction in this low rate environment, but continue view CYN as a solid long-term franchise."
"Results: We expect CYN to report 3Q11 EPS of $0.77 versus the $0.83 consensus. Our net interest margin outlook likely drives the discrepancy."
For more ratings news on City National click here and for the rating history of City National click here.
Shares of City National closed at $40.06 yesterday.
Barclays analyst says, "Following seven straight quarters of material credit quality improvement, we believe a return to more robust loan demand/higher short-term interest rates may be required to drive shares of City National meaningfully higher. Although its loan pipeline was solid at the end of 2Q11, we will be watching to see if recent economic weakness has tempered demand. We remain concerned about near-term NIM contraction in this low rate environment, but continue view CYN as a solid long-term franchise."
"Results: We expect CYN to report 3Q11 EPS of $0.77 versus the $0.83 consensus. Our net interest margin outlook likely drives the discrepancy."
For more ratings news on City National click here and for the rating history of City National click here.
Shares of City National closed at $40.06 yesterday.
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