UPDATE: KBW Raises PT on Webster Financial to $23 (WBS)

KBW is out with its report today on Webster Financial WBS, raising its PT to $23. In a note to clients, KBW writes, "Webster reported a favorable quarter as it earned $0.36/sh with lower credit costs and better spread income more than offsetting a modest shortfall in fee income and higher operating expenses compared to our expectations. Continued credit recovery is expected to drive earnings recovery, which leads us to increase estimates. Additionally, we bump our target to $23 but maintain our MP rating." Shares of WBS closed Friday at $21.80, up 2.68% from Thursday's close.