BMO Capital analyst Lana Chan lowered her price target on Citizens Financial to $52, saying that despite the Q1 earnings beat, the underlying trends were mixed with weak loan growth and weak fees along with a lower loan loss provision and better net interest margins. Chan keeps her Outperform rating on Citizens Financial, maintaining her positive outlook toward improvement in "below-peer profitability metrics through balance sheet optimization, improved fee income productivity, and higher capital returns".
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"We are pleased to start the year with a solid first quarter, featuring a bounce back in capital markets fees, stable NIM, further improvement in our LDR, tight expense management and a strong capital and credit reserve position," said Chairman and CEO Bruce Van Saun. "We are executing well on our key strategic initiatives, including the Private Bank, NYC Metro, TOP 9 and servicing Private Capital. We remain comfortable with our full year guidance and are excited by our medium-term prospects."