Wunderlich Upgrades CVBF, SCBT to Buy, Downgrades SNV, PCBK to Hold

Wunderlich Securities' Kevin Reynolds revised ratings on a number of stocks in the Regional Banking sector Wednesday morning. The analyst argues most banks in the firm's coverage universe are being undervalued versus the ability to generate "meaningfully" higher profits moving forward.

• Upgraded CVB Financial (Nasdaq: CVBF) from Hold to Buy, price target raised from $10 to $11. Reynolds believes the stocks discount compared to peers is "unwarranted."
  
• Upgraded SCBT Financial (Nasdaq: SCBT) from Hold to Buy, price target raised from $35 to $36. With the stock down nearly 20 percent since the highs set in early April, the Wunderlich analyst sees a solid entry point.
  
• Downgraded Synovus (NYSE: SNV) from Buy to Hold, price target lowered by 29 percent from $3.50 to $2.50.
  
• Downgraded Pacific Continental (Nasdaq: PCBK) from Buy to Hold, price target reduced from $11 to $10.

Reynolds also revised price targets on the following stocks:

• BancorpSouth (NYSE: BXS) from $15 to $12, maintains Hold
  
• First Horizon (NYSE: FHN) from $15 to $13, maintains Buy
  
• Pinnacle Financial (Nasdaq: PNFP) from $18 to $17, maintains Buy

Check out our Ratings Insider portal to get the most comprehensive and up-to-date analyst coverage on the Street.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Morgan Stanley Upgrades HDB Financial Services (HDBFS:IN) to Overweight
• CIBC Upgrades National Bank of Canada (NA:CN) (NTIOF) to Outperformer
• Target (TGT) PT Raised to $185 at DA Davidson