Regions Financial (RF): Lower Opex Drives PT To $16 - Piper Jaffray
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Piper Jaffray analyst, Kevin Barker, reiterated his Neutral rating on shares of Regions Financial (NYSE: RF) and raised his price target to $16 from $15 to reflect the company's lower operating expense targets.
The analyst stated "Whereas we previously modeled ~2% opex Y/Y growth in FY18, we now expect just ~1% growth after the bank stated thatthey expect expenses to be "relatively stable". We are roughly in-line with the Street on next year's EPS and remain Neutral-rated as above average asset sensitivity and potential for additional expense cuts are offset by continued weak growth and valuation near the high end of its 3Y valuation range".
Shares of Regions Financial closed at $16.95 yesterday.
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