TD Cowen initiated coverage of Webster Financial (WBS) with a Buy rating and $78 price target The firm rolled out coverage on the mid and small cap banks with a bullish view. The group is trading at a “sizable valuation discount” to historical averages, with catalysts ahead from improving net interest margins, renewed loan growth, and banks “going on offense with capital.” TD sees one of the most attractive entry points in decades for the group. The firm’s top picks, in order, are Western Alliance (WAL), Customers Bancorp (CUBI), East West Bancorp (EWBC), MVB Financial (MVBF), Live Oak Bancshares (LOB), Valley National (VLY), and Atlantic Union (AUB).
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Read More on WBS:
- Webster Financial Issues $350M Subordinated Notes
- Cantor starts U.S. banks with ‘constructive view,’ names Citizens as top pick
- Webster Financial initiated with an Overweight at Cantor Fitzgerald
- Seaport downgrades Webster Financial on valuation, Mamdani risk
- Webster Financial downgraded to Neutral from Buy at Seaport Research