UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Regions Financial Corporation
In a report published Wednesday, Jefferies & Company reiterated its Hold rating on Regions Financial Corporation (NYSE: RF), but slightly lowered its price target from $8.00 to $7.50.
Jefferies noted, “We are reducing our '13 and '14 estimates by a nickel to $0.75. Our price target moves to $7.50 from $8 on our estimate revisions. Net interest income challenges drive the bulk of the revisions as net interest margin and balance sheet size both came in lower-than-expected. A placeholder for potential preferred equity issuance (we assume $500mm at a 7% coupon) also took a couple cents out of our estimates.”
Regions Financial Corporation closed on Tuesday at $7.08.
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