Regions Financial price target lowered to $15 from $18 at Truist

Truist lowered the firm’s price target on Regions Financial to $15 from $18 and keeps a Hold rating on the shares as part of a broader research note recapping Q3 results for Community and Regional Banks. The firm is citing the company’s lower net interest margin, though its expense estimates are also lower, driven by greater expense control efforts to offset a more challenging revenue outlook in 2024, the analyst tells investors in a research note. Regions’ net interest income trajectory has deteriorated as interest bearing deposit betas have accelerated beyond the management’s prior estimate of 35% by year-end 2023, the firm added.