UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on Regions Financial Corporation
In a report published Wednesday, Jefferies & Company reiterated its Hold rating on Regions Financial Corporation (NYSE: RF), and slightly raised its price target from $7.50 to $8.00.
Jefferies noted, “We increase our '13 est. by a penny (to $0.78), but leave out '14 est. at $0.75. Upside from better-than-expected expense control is capped by a still weak net interest income outlook. Earning asset growth is our primary concern as we believe RF will mix shift from securities to loans. We move our price target to $8 (from $7.50) as we believe RF deserves a slightly higher multiple given its improving track record.”
Regions Financial Corporation closed on Tuesday at $7.43.
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Tags: Jefferies & Company