Wedbush Starts Regions Financial (RF) at Outperform
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Wedbush initiates coverage on Regions Financial (NYSE: RF) with a Outperform rating and a price target of $12.00.
Analyst Peter Winter commented, "RF trades at one of the lowest valuations in our bank group at only 11.6x our 2017E P/E multiple vs. the regional bank peer median at 12.2x. RF has several initiatives under way to generate positive operating leverage and if successful, we believe RF should close the valuation gap. Management is focused on growing and diversifying its revenue base, and is putting increased focus on the expense side to overcome a more challenging macro environment vs. the start of the year. Any increase in rates will add additional earnings leverage as RF is one of the most asset sensitive banks in our group."
Shares of Regions Financial closed at $10.32 yesterday.
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