Keefe Bruyette upgraded Citizens Financial (CFG) to Outperform from Market Perform with a price target of $57, up from $45, following a transfer of coverage. The firm is bullish on the long-term structural benefits of scale for the large-cap banks. It prefers business models that can produce leading returns with high degrees of predictability. Keefe sees a multi-year return on equity improvement story and inexpensive valuation for Citizens.
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