UPDATE: Goldman Sachs Initiates Coverage on First Niagara Financial Group with Neutral Rating, $8.50 PT

In a report published Wednesday, Goldman Sachs Group initiated coverage on First Niagara Financial Group (NASDAQ: FNFG ) with a Neutral rating and $8.50 price target. Goldman Sachs noted, “After completing four deals since late 2009, FNFG's focus is now on growing its franchise. We see its efforts leading to