Jefferies Boosts Numbers on City National (CYN) After Q1

Jefferies bumped estimates and its price target on City National (NYSE: CYN) from $51 to $55 after Q1 results exceeded expectations with a surprise pop in net interest margin and zero core provision. The firm said these are unlikely to be sustained.

". We raise our estimates to account for the higher NIM starting point, but don't see much upside to consensus without rates or an effective deployment of excess capital," the analyst said.

Q2 EPS goes from $0.84 to $0.88, FY12 goes from $3.40 to $3.55 and FY13 from $3.65 to $3.90.

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

Shares of City National closed at $51.64 yesterday.

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