KBW is out with its report today on Webster Financial WBS, raising its PT to $23.
In a note to clients, KBW writes, "Webster reported a favorable quarter as it earned $0.36/sh with lower credit costs and better spread income more than
offsetting a modest shortfall in fee income and higher operating expenses
compared to our expectations. Continued credit recovery is expected to drive
earnings recovery, which leads us to increase estimates. Additionally, we bump
our target to $23 but maintain our MP rating."
Shares of WBS closed Friday at $21.80, up 2.68% from Thursday's close.
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