Barclays downgraded Regions Financial to Underweight from Equal Weight with a price target of $22, up from $20. The analyst expects improved relative bank stock performance in 2024 as net interest income troughs amid stabilizing deposit trends and accelerating loan growth later in the year. Also, interest-bearing deposits fees should recover, while expenses are well controlled, the analyst tells investors in a research note. The firm believes large-cap banks will continue to recoup 2023’s underperformance in 2024 and that earnings momentum can improve as this year progresses and into 2025. Barclays expects Huntington Bancshares (HBAN) to benefit from stable to expanding NIM throughout 2024. For Citizens Financial (CFG) and Regions Financial (RF), it expects net interest income growth to lag peers in the near term.
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