Keefe, Bruyette & Woods Downgrades First Niagara Financial (FNFG) to Market Perform; Capital Raised for HSBC Deal, Financial Outlook Tempered

Keefe, Bruyette & Woods downgraded First Niagara Financial (NASDAQ: FNFG) to Market Perform, price target cut $2 to $10.

KBW analyst says, "FNFG has completed the necessary capital raising to finance its pending acquisition of HSBC's upstate NY branches. It also provided updated guidance for 2012 earnings and financial metrics related to the deal. The impact from the capital actions and a more subdued outlook leads us to reduce estimates for 2011, 2012 and 2013 to $0.98, $1.00 and $1.10."

For an analyst ratings summary and ratings history on First Niagara Financial click here. For more ratings news on First Niagara Financial click here.

Shares of First Niagara Financial closed at $8.75 yesterday.

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