Jefferies Cuts Estimates on Fulton Financial (FULT), Citing Weaker Expense Outlook

Jefferies maintains a 'Hold' on Fulton Financial (NASDAQ: FULT) price target of $10.50 (cut from $11).

Jefferies analyst says, "We cut estimates a nickel following a rough 4Q result, which saw net interest margin take a big hit due to premium amortization and expenses come in higher than expected. Revenues should improve from the 4Q run-rate as NIM rebounds and the Durbin hit is partially recouped, but higher expenses will likely keep the pre-tax, pre-provision trajectory flat in 2012."

FY12 to $0.80 (from $0.85) and 2013 goes to $0.95 (from $1.00).

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

Shares of Fulton Financial closed at $9.33 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Lowe's (LOW) PT Lowered to $275 at Guggenheim
• Deere (DE) PT Lowered to $728 at UBS as 'Ag machinery Cycle' Gets Closer
• Morgan Stanley Downgrades oOh!media (OML:AU) to Equalweight