UPDATE: Evercore Upgrades City National to Overweight

Evercore is out with its report today on City National (NYSE: CYN), upgrading CYN to Overweight from Equal-weight.

In its report, Evercore writes, "We are upgrading CYN to Overweight from Equal-Weight as the stock's pullback has created an attractive entry point into a premium franchise. CYN has declined 35% YTD (peers down 30%), and at just 10x 2012E EPS and 1.4x TBV, does not fully reflect the bank's higher quality earnings trajectory, above peer TBV and top line growth, and capital generation."

Shares of CYN closed Monday at $39.69, up 0.94% from Friday's close.