Earnings Disappointment: Regions Financial and Citizens Financial Face Scrutiny By Piper Sandler Analyst
Portfolio Pulse from Lekha Gupta
Piper Sandler analyst R. Scott Siefers downgraded Regions Financial Corp (RF) and Citizens Financial Group Inc (CFG) to Neutral from Overweight due to disappointing Q3 earnings. The price target for RF was cut to $15 from $17, and for CFG to $26 from $29. RF's shares are expected to be rangebound due to credit deterioration. Despite belief in CFG's model and management, the potential to outperform is seen as further out than expected.
October 25, 2023 | 7:23 pm
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NEGATIVE IMPACT
Citizens Financial Group Inc was downgraded to Neutral from Overweight by Piper Sandler due to disappointing Q3 earnings. The price target was cut to $26 from $29.
The downgrade by Piper Sandler, a well-known financial services firm, is likely to negatively impact investor sentiment towards CFG. The cut in price target further indicates a bearish outlook for the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Regions Financial Corp was downgraded to Neutral from Overweight by Piper Sandler due to disappointing Q3 earnings and credit deterioration. The price target was cut to $15 from $17.
The downgrade by Piper Sandler, a well-known financial services firm, is likely to negatively impact investor sentiment towards RF. The cut in price target further indicates a bearish outlook for the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100