City National Corp. Upgraded to “Neutral” by Bank of America Corp. (CYN)
City National Corp. (NYSE:CYN) was upgraded by investment analysts at Bank of America Corp. from an “underperform” rating to a “neutral” rating in a note issued to investors on Thursday, TheFlyOnTheWall.com reports. The firm currently has a $80.00 price objective on the stock, up from their previous price objective of $52.00. Bank of America Corp.’s price target suggests a potential upside of 2.80% from the company’s current price. The analysts noted that the move was a valuation call.
Shares of City National Corp. (NYSE:CYN) traded up 1.57% on Thursday, hitting $79.04. The stock had a trading volume of 386,297 shares. City National Corp. has a 1-year low of $49.68 and a 1-year high of $79.72. The stock’s 50-day moving average is $77.31 and its 200-day moving average is $70.62. The company has a market cap of $4.261 billion and a P/E ratio of 19.90.
City National Corp. (NYSE:CYN) last posted its quarterly earnings results on Thursday, October 24th. The company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.10. The company had revenue of $303.00 million for the quarter, compared to the consensus estimate of $303.40 million. During the same quarter in the prior year, the company posted $1.10 earnings per share. The company’s quarterly revenue was down 4.4% on a year-over-year basis. Analysts expect that City National Corp. will post $4.11 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Barclays downgraded shares of City National Corp. from an “overweight” rating to an “equal weight” rating in a research note to investors on Monday. They now have a $82.00 price target on the stock, up previously from $77.00. Separately, analysts at Deutsche Bank reiterated a “hold” rating on shares of City National Corp. in a research note to investors on Monday, November 18th. They now have a $77.00 price target on the stock, up previously from $75.00. Finally, analysts at Morgan Stanley raised their price target on shares of City National Corp. from $69.00 to $74.00 in a research note to investors on Monday, November 11th. Twelve analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $72.00.
City National Corporation (NYSE:CYN) is a bank holding company and a financial holding company.
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