Keefe, Bruyette & Woods Lowers Price Target On Wintrust Financial As Mortgage Is Near-Term Tailwind

In a report published Tuesday, Keefe, Bruyette & Woods analyst Christopher McGratty reiterated a Market Perform rating on

, but lowered the price target from $49.00 to $48.00. In the report, Keefe, Bruyette & Woods noted, “Q4 results were solid, but largely in line with expectations and the growth outlook (both organic and M&A) for 2015 is encouraging, in our view. That said, like many of its peers, a lower-for-longer posture on rates is driving modest negative estimate revisions. For 2015, we see modest positive operating leverage for WTFC – primarily due to cost take-outs from prior deals – but like most, material widening is likely a 2016 event given the delay on higher rates. Reiterate MP rating, but trimming estimates & PT to $48 (from $49).” Wintrust Financial closed on Friday at $42.64.