UBS assumed coverage of Wintrust Financial with a Neutral rating with a price target of $81, down from $100. The company is a well-run bank with a history of strong underwriting, profitable niche business lines, and strong market share gains in the competitive Chicago market, the analyst tells investors in a research note. UBS adds however that its 2024 EPS view is 8.5% below consensus on a more pessimistic view on Wintrust funding mix, a lower level on Fed Funds than is baked into consensus, and higher net charge-off estimates given its outlook for a mild recession.
Published first on TheFly
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