J.P. Morgan Comments on City National's Management Meeting

According to a recent report from J.P. Morgan, there was a positive vibe and optimism for future growth after J.P. Morgan met with Chris Carey, the CFO of City National CYN. J.P. Morgan has maintained an overweight rating and a $66.00 price target on City National after the informative management meeting. In the report, J.P. Morgan said, " Should the economy remain soft for a prolonged period, this could be an extended window for the company to look for well priced deals, such as FDIC deals, although to date there are not many left. Longer term, management expressed that in a normalized rate environment the bank is positioned for an ROE in the 12-15% range (note, our $6.00 normalized EPS estimate implies an ROE of 13%)." City National closed yesterday at $54.81.