National City "market perform," estimates raised

07/19/06 - Ryan, Beck & Co

NEW YORK, July 19 (newratings.com) - Analyst Anthony R Davis of Ryan Beck & Co maintains his "market perform" rating on National City Corp (NCC), while raising his estimates for the company. The target price is set to $37.

In a research note published this morning, the analyst mentions that the company has posted its 2Q06 diluted EPS ahead of the estimates. National City posted an 8bps decline in its net interest margins for the quarter partly on account of lower middle-market loan spreads and a flat yield curve. The EPS estimates for 2006 and 2007 have been raised from $2.96 to $3.05 and from $3.19 to $3.25, respectively.