JPMorgan analyst Vivek Juneja downgraded Citizens Financial Group to Neutral from Overweight with a price target of $27, down from $29. The analyst says Citizens has a “lower cushion relative to peers” above minimum CET1 requirements among the sector banks based on March 31 levels and has continued to buy back stock in Q2. In addition, Citizens is being pressured by high losses on its commercial real estate loans due to high level of maturities of office CRE loans in 2023 and 2024, the analyst tells investors in a research note.
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