Sterne Agee has published a report lowering FY11 estimates for City National Corp. CYN.
According to the report, "We are trimming FY11E by $0.10 to $3.01 per share to reflect a more conservative near-term revenue outlook. We are increasing FY12E by $0.24 to $3.62 per share, mostly to reflect lower credit costs (reserve release)."
CYN has a Neutral Rating and closed at $58.29 yesterday.
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