Credit Suisse Lowers HCBK Estimates

Credit Suisse is lowering its 2011 and 2012 estimates on Hudson City Bancorp, Inc. HCBK to $0.80 and $0.95 (from $0.90 and $1.00), respectively, to reflect lower net interest margin and slower asset growth assumptions. “Sequential improvements in earnings are reliant upon a drop in the provision expense in 2011 and 2012,” Credit Suisse writes. “Our estimates do not assume any additional securities gains or share repurchases; we expect the company to consider returning additional capital when there is further clarity around required capital levels.” Credit Suisse maintains its Neutral rating on Hudson City Bancorp, which currently trades at $11.69.