Goldman Sachs Starts First Niagara Financial (FNFG) at Neutral

Goldman Sachs initiates coverage on First Niagara Financial (NASDAQ: FNFG) with a Neutral rating and $8.50 price target.

After completing four deals since late 2009, the bank is now focusing on growing its franchise, Goldman notes. They sees these efforts leading to outsized loan growth vs. peers and significant fee income opportunities driving further upside to its earnings power. That said, intense competition for growth and low rates are set to continue to mask these initiatives, limiting ROA expansion and efficiency improvement over the next two year.

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 $7.91 yesterday.

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