Deutsche Bank analyst Matt O’Connor lowered the firm’s price target on Citizens Financial to $47 from $50 and keeps a Buy rating on the shares. The analyst believes new lows seem likely for U.S. bank stocks. He assumes bank stocks will trade below their historical 60%-80% range, saying bank earnings may be peaking. He also sees downside risk from reserve build and valuations if there is a recession.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on CFG:
- Wedbush downgrades Citizens Financial to Neutral as recession risk intensifies
- Citizens Financial downgraded to Neutral from Outperform at Wedbush
- Citizens Financial price target raised to $57 from $54 at Barclays
- Street Wrap: Today’s Top 15 Upgrades, Downgrades, Initiations
- Citizens Financial initiated with Buy, named Top Pick at DA Davidson