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U.S. Equity Research News
Chan Downgrades City National Corp. (CYN) to UNDERPERFORM from MARKET PERFORM
April 6, 2009
Lana Chan, a senior research analyst in our Financial Institutions Group, has today downgraded City National Corp. (CYN) to an UNDERPERFORM rating from MARKET PERFORM.
From Chan's note: "We believe that the recent bank group rally is not sustainable given expectations that industry fundamentals will deteriorate further and credit and capital concerns remain. CYN has rallied 59% off of its March low, roughly in line with the bank index. We are downgrading CYN to UNDERPERFORM from Market Perform owing to concerns about its above-average exposure to commercial and commercial real estate lending, its footprint primarily in California and the risk of another dividend cut. We expect nonperforming assets to increase further in 1Q09 given that its potential problem loans increased from $43.2 million at September 30, 2008 to $201.8 million at year end."
To receive a full copy of the report, please contact your BMO Capital Markets representative.
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