UBS analyst Brody Preston initiated coverage of Webster Financial with a Buy rating and $56 price target. The bank’s earning capacity is greater than what the market has priced in, the analyst tells investors in a research note. The firm further sites Webster’s low interest rate sensitivity in a down-rate environment while noting that the stock is trading at a steep discount, with shares at about 6-times its 2023 and 2024 EPS estimates.
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Published first on TheFly
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