As previously reported, Macquarie upgraded Citizens Financial to Neutral from Underperform with a $38 price target. Analyst David Konrad believes Citizens current 26% ratio of non-interest to total deposits is more defensible and expects the change in deposit mix to be a driver of shares.

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.