BofA initiated coverage of Webster Financial with a Buy rating and $60 price target. The firm believes the current valuation overlooks the bank’s “near best-in-class fundamentals.” While the firm can appreciate near-term headwinds, including interest rate and credit risks, even under stress it estimates the bank can generate an ROTCE about 300 basis points higher than the peer average and it thinks expectations for Webster to generate about 18% ROTCE in 2024 suggest shares could re-rate higher.
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