Webster Financial price target raised to $45 from $42 at Wells Fargo

Wells Fargo raised the firm’s price target on Webster Financial to $45 from $42 on Friday and keeps an Equal Weight rating on the shares. The firm cites a solid quarter highlighted by net interest income/net interest margin expansion, despite a smaller balance sheet, and benign credit trends. The deposit base is positioned well for a higher-for-longer environment, but broader credit sentiment likely keeps shares range-bound, Wells argues.