Jefferies Raises WBS Estimates; PT Goes To $25

Jefferies is increasing its estimates on Webster Financial Corporation WBS. “We are increasing our 2011, 2012 and 2013 EPS estimates to $1.30, $1.40 and $1.80, respectively,” Jefferies writes. “Our price target increases to $25 from $23. “We are increasing our estimates and price target (to $25 from $23) post 4Q10 results to reflect better than expected net interest margin and reserve bleed. WBS' strong reserve should allow for higher levels of reserve release in '11 and drive tangible book value growth.” Webster Financial Corporation currently trades at $21.40.