JPMorgan upgraded Webster Financial to Overweight from Neutral with a price target of $65, up from $60. In the backdrop of the industry guiding to minimal growth of loans and deposits in 2024, Webster’s guidance calls for loan and deposit growth each being in the 5%-7% range, the analyst tells investors in a research note. The firm now sees a setup where the bank and stock could outperform peers for years to come.
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