UPDATE 1-Analysts cheer City National’s Q4 earnings, outlook

Jan 29 (BestGrowthStock) – At least three brokerages raised their
price target on shares of U.S. bank holding company City
National Corp (CYN.N: ) on Friday, a day after the company
reported strong quarterly results and said it expects increased
profits in 2010.

City National will likely continue to post quarterly
profits through 2010 and 2011, which should add further support
to capital levels were the company to capture other
regulator-assisted opportunities, FBR Capital Markets analyst
David Rochester said.

He raised his price target on the stock to $47 from $43.

On Thursday, the company, which offers banking, investment
and trust services, posted a higher fourth-quarter profit (Read more your timing to make a profit.),
helped by its acquisition of Imperial Capital Bank and a rise
in net interest income. [ID:nSGE60R0LJ]

City National is ready for more FDIC-assisted deals and is
closely monitoring other opportunities that might be a good fit
for the company, Chief Executive Russell Goldsmith said on a
post-earnings call with analysts.

Analysts Brian Klock and Arran Jacobson of Keefe, Bruyette
& Woods raised their price target on City National’s stock by
$8 to $50, and said the bank’s asset quality improved and
problem loans dropped meaningfully in the fourth quarter.

Barclays raised its price target on the Los Angeles-based
bank’s stock to $51 from $47.

Shares of the company were up 6 cents at $50.07 in early
morning trade on the New York Stock Exchange.

Stock Market Trading

(Reporting by Brenton Cordeiro in Bangalore; Editing by Anne
Pallivathuckal)

UPDATE 1-Analysts cheer City National’s Q4 earnings, outlook