UPDATE: Wunderlich Securities Initiates Coverage on Regions Financial Corporation with Buy Rating, $12 PT as Simplified Playbook is Paying Off for Investors

In a report published Thursday, Wunderlich Securities analyst Kevin Reynolds initiated coverage on

with a Buy rating and $12.00 price target. In the report, Wunderlich Securities noted, “We are initiating coverage of Regions Financial Corporation (RF) with a Buy rating and 12- to 18-month price target of $12 on the shares. Although Regions suffered significant losses during the credit crisis and was late to the recovery game, management's return to banking basics by simplifying the play book and focusing on blocking and tackling is starting to pay off for Regions' shareholders. With Regions shares trading at a meaningful discount to peers, we believe current levels offer an attractive opportunity for investors to acquire shares of one of the few remaining recovery stories that also happens to operate in the most populous and fastest growing economic regions in the U.S. Accordingly, we rate shares of Regions Financial Corporation Buy with a $12 price target.” Regions Financial Corporation closed on Wednesday at $9.33.