Citi upgraded Citizens Financial (CFG) to Buy from Neutral with an unchanged price target of $36. The analyst believes investors “should be playing offense rather than defense” in the current environment, saying the best time to own bank stocks is when valuations go from late cycle to early cycle multiples. Given the recent selloff on the back of heightened commercial real estate concerns following the two latest data points of New York Community Bancorp (NYCB) and Aozora Bank which are not representative of the group, there are attractive entry points, the analyst tells investors in a research note. As such, Citi upgraded Citizens Financial and reiterates a Buy rating on M&T Bank (MTB).
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