Sterne Agee Lowers CYN FY11 Estimates

Sterne Agee has published a report lowering FY11 estimates for City National Corp. CYN. According to the report, "We are trimming FY11E by $0.10 to $3.01 per share to reflect a more conservative near-term revenue outlook. We are increasing FY12E by $0.24 to $3.62 per share, mostly to reflect lower credit costs (reserve release)." CYN has a Neutral Rating and closed at $58.29 yesterday.