Wedbush analyst Peter Winter initiated coverage of 14 regional and Texas banks, starting Citizens Financial (CFG) with an Outperform rating. The other three banks on which Winter assigned an Outperform rating are KeyCorp (KEY), Huntington Bancshares (HBAN) and Regions Financial (RF).

Argus raised the firm's price target on Citizens Financial to $39 from $36 and keeps a Buy rating on the shares after its Q1 earnings beat. Regional bank shares have faced pressure since the failure of three regional banks amid higher deposit costs, commercial real estate exposure, and unrealized losses in the investment portfolio, but Citizens and other regional banks have adequately allayed these fears with their recent results, the analyst tells investors in a research note. Citizens has also hired a number of ex-First Republic advisors to expand its presence in the wealth management business, Argus added.