Evercore ISI Raises Price Target on Regions Financial Corporation (RF) to $10 Following 2Q Report

Evercore ISI reiterated a Buy rating on Regions Financial Corporation (NYSE: RF), and raised the price target to $10.00 (from $9.00), following the company's 2Q earnings report. Management indicated efficiencies tied to RF's $300M cost save program are on track, and also indicated that the 2Q increase in NPAs resulted from energy.

Analyst John Pancari commented, "RF reported 2Q16 EPS of $0.20. Ex items, we peg core at $0.21 vs our est of $0.19. Upside was from higher than expected NII / better NIM, lower LLP, and higher non-II, partly offset by higher expenses. Bottom line: RF's tempered outlook for commercial loan growth is notable (for peer read-thru's as well). However, despite this impact, our '17 EPS est remains unchanged owing to a higher NIM run rate."

For an analyst ratings summary and ratings history on Regions Financial click here. For more ratings news on Regions Financial click here.

Shares of Regions Financial closed at $8.88 yesterday.

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