Evercore ISI downgraded Citizens Financial to In Line from Outperform with a price target of $29, down from $32. The analyst expects accelerating loan declines and funding pressures to pose greater risk to Citizens’ sales than currently expected by Street. The firm also sees risk to fee income expectations amid market pressures. It expects “credit strain” at the regional banks to build, posing greater earnings risk to Citizens Financial than peers owing to the bank’s outsized commercial real state exposure and unsecured consumer risk.
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