UPDATE: Credit Suisse Upgrades Regions Financial to Outperform

Credit Suisse raises its rating on Regions Financial

to Outperform from Neutral and boosts its price target by half a dolar to $7.50 a share lower than expected TARP-related CE, upside to EPS and credit quality improvement. Credit Suisse says, "Three point thesis: (1) Lower than expected TARP-related CE raise (detailed in March CCAR results); (2) Upside to 2012/2013 NIM expectations (conservatively est. NIM to remain flat in '12 but may rise- RF's loan yields will trend flat to up, declining liquidity/NPAs helpful, significant CD repricing opportunity remains) while we see downside to NIM expectations at peers; (3) Faster than expected credit quality improvement in 1H12 (aided by seasonality and 2011 clean-up)." RF closed at $5.68 a share on Thursday.