(WL) Wilmington Trust – Bear of the Day
We are downgrading our long-term recommendation on Wilmington Trust (WL) to Underperform based on deteriorating credit quality and its exposure to risky construction loans. Wilmington’s second quarter 2010 loss was substantially higher than the Zacks Consensus Estimate. Results were hurt primarily by higher loan loss provisions, increased non-interest expense and weakness in the commercial construction portfolio. [...] (WL) Wilmington Trust – Bear of the Day
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