Webster Financial price target lowered to $51 from $54 at RBC Capital

RBC Capital lowered the firm’s price target on Webster Financial to $51 from $54 and keeps an Outperform rating on the shares after its Q2 earnings miss. The company’s core results reflected modestly higher spread revenues, lower core fees, and a higher provision due to moderate risk migration in office commercial real-estate, but while the 2024 outlook was revised lower on slower balance sheet growth and revenue assumptions, its expense expectations remain consistent, the analyst tells investors in a research note.