UPDATE: KBW Raises PT on City National to $61 (CYN)

KBW is out with its report today on City National (NYSE: CYN), raising its PT from $60 to $61.

In a note to clients, KBW writes, "CYN beat street by $0.04. Results were highlighted by strong credit quality (zero core provision), but core PTPP earnings declined sequentially & the outlook for core PTPP growth remains challenged. We are raising our '11 EPS estimates by $0.10, to $3.30 (lower provisions), but maintaining '12 & '13 EPS estimates at $4.40 & $4.85; raising our PT by $1, to $61."

KBW maintains Market Perform on CYN.

Shares of CYN closed Thursday at $56.11.