RF - Earnings Disappointment: Regions Financial and Citizens Financial Face Scrutiny By Piper Sandler Analyst | Benzinga
Piper Sandler analyst R. Scott Siefers downgraded Midwest banks Regions Financial Corp (NYSE: RF) and Citizens Financial Group Inc (NYSE: CFG) to Neutral from Overweight.
The analyst cut the price target at Regions Financial to $15 from $17. The analyst was bearish following the bank's third-quarter earnings miss, with some credit deterioration suggesting the shares would be 'too rangebound for now for it to return to outperformance over the next year.'"
Notably, the company reported adjusted revenues of $1.858 billion, missing the consensus of $1.890 billion, and adjusted EPS of $0.49, which fell short of the consensus of $0.58.
Siefers ...