Wedbush downgrades Citizens Financial to Neutral as recession risk intensifies

As previously reported, Wedbush analyst David Chiaverini downgraded Citizens Financial to Neutral from Outperform with a $45 price target. The analyst cites his expectation for increasing credit costs in a recessionary environment. Chiaverini believes "we are in the early-to-middle innings of an economic downturn" given the significant amount of liquidity being withdrawn from the banking system by the Fed and the resulting negative impact this could have on the economy, especially rising unemployment.