Merrill Lynch Lowers Estimates and Price Targets on US Regional Banks (BAC, WB, USB, KEY, STI, More...)

Merrill Lynch lowered its earnings estimates and price targets on a number of US regional bank, citing credit risk, capital raises and potential dividend cuts. Merrill said banks are now in "capitulation mode."

Regions Financial Corp. (NYSE: RF) price target cut from $16 to $10 (Underperform)
US Bancorp (NYSE: USB) price target cut from $32 to $30 (Neutral)
KeyCorp (NYSE: KEY) price target cut from $11 to $10 (Underperform)
Fifth Third Bancorp (Nasdaq: FITB) $9 target (Underperform)
M&T Bank Corp. (NYSE: MTB) price target cut from $74 to $66 (Underperform)
SunTrust Banks Inc. (NYSE: STI) price target cut from $41 to $30 (Underperform)
BB & T Corp. (NYSE: BBT) price target cut from $32 to $24 (Neutral)
PNC Financial (NYSE: PNC) price target cut from $66 to $59 (Neutral)
National City Corporation (NYSE: NCC) price target cut from $6 to $5 (Neutral)
Bank of America (NYSE: BAC) price target cut from $28 to $25 (Underperform)
Wachovia (NYSE: WB) price target cut from $19 to $15 (Underperform)

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