Jefferies Raises PBCT PT To $15

Jefferies has issued a report raising the Price Target on People's United Financial PBCT from $14 to $15 a share. According to the report, "After the close, People's reported operating EPS of $0.17, which compared to our and the consensus estimate of $0.15. The beat was tied to a higher reported NIM. Although pre-tax, pre-provision income was flat in the quarter, underlying bank trends were decent with average loans increasing at an 8% annualized rate and average deposits increasing at a 6% annualized pace." PBCT has a Neutral Rating and closed yesterday at $13.59 a share.