J.P. Morgan Raises PT To $24 On WBS

J.P. Morgan is raising its price target on Webster Finanancial Corp. WBS, from $23.50 to $24, and is maintaining a Neutral rating on the stock following earnings shown in 1Q11. Says J.P. Morgan, in its report, “Following in the footsteps of earnings beats over the past several quarters, 1Q11 EPS again surprised to the upside, with core EPS of $0.34 beating our $0.28 estimate and consensus of $0.29. The primary source of earnings coming in above expectations for the past few quarters, including 1Q11, has been a rapid improvement in provision levels, with provision expense in 1Q11 down 33% versus the linked quarter and down 77% compared to the year-ago quarter.” WBS closed on Friday at $21.80.