Webster Financial price target lowered to $54 from $57 at RBC Capital

RBC Capital lowered the firm’s price target on Webster Financial to $54 from $57 but keeps an Outperform rating on the shares after its Q1 earnings miss. The company’s core trends reflected lower than expected margin and spread revenue trends, as well as softer balance sheet growth dynamics this quarter, the analyst tells investors in a research note. The firm adds however that despite a softer quarter, it still sees Webster as well positioned relative to peers given its strong and diverse funding base.