Compass Point Starts Hudson City Bancorp (HCBK) at Buy; Value in Excess Capital and Branch Footprint

Compass Point initiates coverage on Hudson City Bancorp (NASDAQ: HCBK) with a Buy. PT $8.50.

Analyst, Mike Turner, said, "Based in Paramus, NJ, the company is one of the nation’s largest thrifts with an attractive footprint that extends beyond the NYC metro region. Based on our analysis, we view the risk/reward in the stock as attractive. We see a fair value book of $7.34 and strong capital ratios as downside protection, and the deployment of excess capital and a potential take-out as upside. A debt restructuring would be positive for near-term earnings, but we don’t believe such a transaction implicitly increases value."

For an analyst ratings summary and ratings history on Hudson City Bancorp click here. For more ratings news on Hudson City Bancorp click here.

Shares of Hudson City Bancorp closed at $7.54 yesterday.

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