Goldman Sachs Upgrades Regions Financial (RF) to Conviction Buy, Strong 'Self-Help' Story

September 10, 2012 7:22 AM EDT
Get Alerts RF Hot Sheet
Price: $13.98 -0.36%

Rating Summary:
    13 Buy, 20 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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Goldman Sachs upgraded Regions Financial (NYSE: RF) from Buy to Conviction Buy with a price target of $9.00 (from $8.00), calling it the "best self-help story; repositioning for greater returns."

The firm said the strong self-help story, continued credit recovery and improving fundamentals will drive upside in the stock. Branch repositioning, rationalizing its franchise and a continued US Southeast housing recovery acting as key catalysts, they also said.

While shares are up 71% YTD and outperforming the group by a wide market, as the best positioned bank they see continued upside as the company unlocks value for investors over the next 18-24 months via both organic options and improving core fundamentals.

While Regions Financial was added to the Conviction Buy List, Wells Fargo (NYSE: WFC) was removed.

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 $7.37 yesterday.

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