Jefferies Maintains a 'Buy' on First Niagara Financial (FNFG); Valuation is Attractive

Jefferies maintains a 'Buy' on First Niagara Financial (NASDAQ: FNFG) price target of $9.00 (from $9.50).

Analyst, Casey Haire, said, "We cut our 2013 estimate a nickel (to $0.80) to reflect a more conservative view on normalized loss rates (40bp) vs. management's guidance (30bp-35bp). With our model now reflecting a more conservative view on credit costs, we see little downside risk to our 2013 estimate with loans growing double-digits and premium amortization risk reduced. Valuation is attractive at 9x 2013, but stock needs estimate stability to regain multiple."

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 $7.20 yesterday.

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