KBW Maintains Market Perform on City National

KBW is out with its report today on City National CYN, maintaining Market Perform. In a note to clients, KBW writes, "CYN Beat with better NII, driven by 8% Q/Q annualized loan growth and increased leverage, as well as second consecutive quarter with a $0 provision. While core results were in line with our estimates, we believe NIM will be pressured in the near term, & have lowered our rate impact on outer years. Thus, we are lowering '12 & '13 EPS $0.25 to $4.05 & $4.55, respectively. Maintain MP rating." KBW maintains a $60 PT on CYN. Shares of CYN closed Thursday at $55.14.