Citi analyst Keith Horowitz upgraded Citizens Financial to Neutral from Sell with a price target of $41, up from $32. The analyst refined his valuation framework for the U.S. banks and his "base case" is now mid-single returns with 2% upside to consensus estimates. He's "playing for 'singles' and would not recommend reducing positions."
Check out this morning's top movers from around Wall Street, compiled by The Fly. HIGHER - Alcoa (AA)... To see the rest of the story go to thefly.com. See Story Here
"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."