Seaport downgrades Webster Financial on valuation, Mamdani risk

Seaport Research downgraded Webster Financial (WBS) to Neutral from Buy without a price target The firm cites valuation for the downgrade following the company’s “strong” Q2 report. New York City mayoral candidate Zohran Mamdani, who is pro-rent freeze, will likely keep Webster shares range-bound, the analyst tells investors in a research note. Seaport, however, believes the company is well positioned to absurd any adjustments to its rent-controlled multi-family book.