Webster Financial price target raised to $70 from $62 at RBC Capital

RBC Capital analyst Jon Arfstrom raised the firm’s price target on Webster Financial (WBS) to $70 from $62 and keeps an Outperform rating on the shares. Webster reported a solid quarter that included broad based loan growth and manageable margin trends which drove higher net interest income, the analyst tells investors in a research note. Webster is well-positioned with a diverse set of lending and funding businesses that can drive strong returns over the medium-term, the firm argues.