Wells Fargo downgraded Webster Financial (WBS) to Equal Weight from Overweight with a $70 price target post the takeover announcement by Santander (SAN). This period should show the greatest level of consolidation in a decade, which should help banks that trade below franchise value, Wells adds.
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Read More on WBS:
- Webster Financial downgraded to Neutral from Buy at UBS
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- Webster Financial downgraded to Hold from Buy at TD Cowen
- Webster Financial: Limited Upside as Santander Takeover Caps Valuation and Supports Neutral Hold Rating