PBCT - Webster Financial Looks Undervalued On Its Post-Merger Potential But It Has To Convince A Skeptical Market

• Webster Financial had a pretty good second quarter, and there looks to be real strength emerging again in the commercial lending operations.
• The pending merger with Sterling is clearly the bigger driver now, though, with the market skeptical of mergers of equals in general, and not sold on the benefits available here.
• This is a "show me" story tied to Webster Financial management's ability to execute, but the potential returns look attractive today.

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