Sandler O'Neill has trimmed its price target on National City's stock, citing what it calls "ongoing uncertainty" in the Cleveland bank's residential mortgage business.The investment banking firm is maintaining its "hold" rating on the company but said the stock "will have a hard time advancing until mortgage noise is through the system and investors have a better sense" of its "earnings power." National City recently trimmed 800 positions at its National City Mortgage affiliate, which is based in Miamisburg, Ohio. According to the Quarterly Data Report, NatCity Mortgage ranks 12th nationwide among home mortgage funders.
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