Standpoint Research Downgrades Hudson City Bancorp (HCBK) to Hold

Standpoint Research downgraded Hudson City Bancorp (NASDAQ: HCBK) from Buy to Hold.

This is in an effect calling a top on MTB (NYSE: MTB), which is in a deal to acquire the company.

"MTB is now the fifth largest regional bank with market cap of $13 bln. Good news appears to be priced in at this time at MTB but bad news in the near- to medium-term is not... as is the case with the overall market. For whoever is looking for an alternative idea in this industry, our recommendation would be First Niagara (NASDAQ: FNFG).

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 $8.70 yesterday.

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