UPDATE: KBW Lowers PT on First Niagara Financial to $14

KBW is out with its report today on First Niagara Financial FNFG, lowering its PT to $14. In its report, KBW writes, "FNFG emerged as the winning bidder for HSBC's branches, paying $1b for 195 branches and $15b in deposits. Long term, this deal should prove beneficial to earnings and franchise value, but in the near term, there are headwinds which we feel will be a drag on the shares. As such, we have adjusted estimates, lowered our target given the overhang on the shares, but maintained our OP rating based on potential upside to our target." At the time of posting, shares of FNFG were trading at $11.90, down 0.17% from Monday's close.