Deutsche Bank Starts 13 Mid-Cap Banks: FNFG, SBNY, WBS, ASBC at Buy, FRC, NYB, CYN, CFR, More at Neutral

Deutsche Bank's Dave Rochester initiated coverage on 13 mid-cap banks in Wednesday's afternoon session. While the analyst is "selective... following recent strength..." Rochester believes the Buy-rated stocks could outperform "given profitability in the context of valuation" and: 1. expanding ROTCE, 2. accelerating EPS growth with upside potential, and 3. a full/partial removal of an overhang. The analyst sees "market share takers" standing out in a recovery.

Buy-rated:

• First Niagara Financial (Nasdaq: FNFG) - $10 price target
  
• Signature Bank (Nasdaq: SBNY) - $69 price target
  
• Webster Financial (NYSE: WBS) - $23 price target
  
• Associated Banc-Corp (Nasdaq: ASBC) - $12.50 price target

Hold-rated:

• First Republic Bank (NYSE: FRC) - $34 price target
  
• Prosperity Bancshares (NYSE: PB) - $44 price target
  
• New York Community Bancorp (NYSE: NYB) - $12.50 price target
  
• East West Bancorp (Nasdaq: EWBC) - $21 price target
  
• Texas Capital Bancshares (Nasdaq: TCBI) - $33 price target
  
• City National (NYSE: CYN) - $46 price target
  
• People's United Financial (Nasdaq: PBCT) - $13 price target
  
• Cullen/Frost Bankers (NYSE: CFR) - $54 price target
  
• Boston Private Financial Holdings (Nasdaq: BPFH) - $8 price target

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