US STOCKS-U.S. futures flat after Fed cuts growth, inflation projections

* Futures: Dow off 14 pts, S&P off 2 pts, Nasdaq up 1.25 pts

NEW YORK, March 19 (Reuters) – S&P Futures were little changed on Thursday after the Federal Reserve on Wednesday removed a reference to being “patient” on interest rates out of its policy statement but indicated that it was in no rush to hike borrowing costs.

* Fed officials also slashed their median estimate for the federal funds rate – the key overnight lending rate – to 0.625 percent for the end of 2015 from the 1.125 percent estimate in December.

* U.S. stocks had ended up higher on Wednesday as investors, who had sold stocks ahead of the meeting, were relieved by the Fed’s dovish outlook and comments.

* Stocks in the rest of the world rallied after the news. The FTSEurofirst 300 index of top European shares was up 0.56 percent and London’s FTSE hit a record after Asian bourses had their best session in 18 months.

* U.S. economic indicators due out on Thursday include weekly initial jobless claims and the U.S. current account balance both due out at 8:30 a.m. EDT (1230 GMT). The Philadelphia Federal Reserve’s business survey is due out at 10:00 a.m.

* Greek banks saw deposit outflows of about 300 million euros on Wednesday, the highest level in a single day since a Feb. 20 accord with euro zone partners over new tensions with EU, two senior Greek bankers familiar with the matter told Reuters on Thursday.

* Target Corp said it would raise the minimum wage for its workers to $ 9 an hour, matching moves made by rivals including Wal-Mart Stores Inc. It also agreed to pay $ 10 million in a proposed settlement of a class-action lawsuit related to a huge 2013 data breach.

* Web hosting company GoDaddy Inc said in a regulatory filing that it expects to raise $ 418 million in an initial public offering.

Futures snapshot at 7:20:

* S&P 500 e-minis were down 2 points, or 0.1 percent, with 186,710 contracts changing hands.

* Nasdaq 100 e-minis were up 1.25 points, or 0.03 percent, in volume of 25,719 contracts.

* Dow e-minis were down 14 points, or 0.09 percent, with 20,450 contracts changing hands.

(Reporting by Sinead Carew and Chuck Mikojczak; Editing by Chizu Nomiyama)