Jefferies Cuts Estimates on Fulton Financial (FULT), Citing Weaker Expense Outlook

Jefferies maintains a 'Hold' on Fulton Financial (NASDAQ: FULT) price target of $10.50 (cut from $11).

Jefferies analyst says, "We cut estimates a nickel following a rough 4Q result, which saw net interest margin take a big hit due to premium amortization and expenses come in higher than expected. Revenues should improve from the 4Q run-rate as NIM rebounds and the Durbin hit is partially recouped, but higher expenses will likely keep the pre-tax, pre-provision trajectory flat in 2012."

FY12 to $0.80 (from $0.85) and 2013 goes to $0.95 (from $1.00).

For an analyst ratings summary and ratings history on Fulton Financial click here. For more ratings news on Fulton Financial click here.

Shares of Fulton Financial closed at $9.33 yesterday.

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