Stephens downgraded Webster Financial (WBS) to Equal Weight from Overweight with a $73 price target after the bank announced its sale to Santander (SAN) in a $12.2B deal with a 65/35 cash consideration. While the firm notes it had pegged Webster as a potential seller in its 2026 outlook report, it adds “frankly we’re surprised given recent management commentary downplaying a potential sale” in Q3 and continued strong results in Q4 of 2025.
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