Goldman Sachs Upgrades Regions Financial (RF) to Buy

June 14, 2012 7:08 AM EDT
Get Alerts RF Hot Sheet
Price: $13.92 -0.85%

Rating Summary:
    12 Buy, 21 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Goldman Sachs upgraded Regions Financial (NYSE: RF) from Neutral to Buy with a price target of $8, suggesting 29 percent upside.

The firm said continued credit cost recovery and improving fundamentals will drive upside, with a US Southeast housing recovery acting a catalyst. Goldman said worries about the banks ability to rid its books of its past out-sized credit exposures, grow loans, and profitably capitalize on the new environment have put shares at a discount to peers. Shares of RF are trading at 8.1x 2013 EPS versus the 9.5x for peers.

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 $6.19 yesterday.

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