UPDATE: Regions (RF) Shares Jump as Rochdale's Bove Remains a Convicted Bull

(Updated - May 22, 2012 11:44 AM EDT)

Shares of Regions Financial (NYSE: RF) have just rallied nearly 2 percent in mid-day trade Tuesday following a bullish intraday research note from Rochdale's Dick Bove.

Despite recent downside (shares fell as much as 11.5 percent since the beginning of May), Bove reiterated his Buy rating and $9.50 price target on Regions shares.

Since Bove upgraded the stock to Buy on April 24th, just after the bank's Q4 report, the stock is about flat.

With shares last trading around $6.36, Bove's target implies potential upside of about 49 percent.

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