Webster Financial initiated with an Overweight at Morgan Stanley

Morgan Stanley analyst Manan Gosalia initiated coverage of Webster Financial with an Overweight rating and $70 price target as he initiated coverage of 12 midcap banks and took over coverage of several others. Gosalia prefers to be positioned in names that are best-equipped to manage the headwinds from tightening liquidity conditions as rates rise, and has Underweight ratings on three that will see the most funding pressure due to idiosyncratic factors, the analyst tells investors.