"Rolling up rates, regulation, and taxes, we still believe there is more likely to be upside to our '18-'20 estimates than downside, and with the YTD underperformance of the stocks in our coverage, we believe valuations are far more attractive than at the start of the year," St. Pierre wrote.
Rating And Price Target Changes
The following stocks were upgraded:
- Citizens Financial Group Inc CFG was upgraded from Market-Perform to Outperform with a price target raised from $38 to $48.
- Huntington Bancshares Incorporated HBAN was upgraded from Market-Perform to Outperform with a price target raised from $15 to $17.
- KeyCorp KEY was upgraded from Market-Perform to Outperform with a price target raised from $21 to $22.
The following stocks were reiterated with a Market-Perform rating but with a revised price target:
- Comerica Incorporated CMA from $78 to $80.
- Fifth Third Bancorp FITB from $29 to $31.
- M&T Bank Corporation MTB from $171 to $165.
- Synovus Financial Corp. SNV from $41 to $42.
The following one stock was reiterated with a Market-Perform rating with no price target revision:
- Zions Bancorp ZION at $51.
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