Citi analyst Keith Horowitz upgraded Goldman Sachs (GS) to Buy citing a favorable risk/reward following the recent underperformance of bank stocks. Horowitz sees consensus estimates for banks as too high, but feels Goldman is the only name he covers with the potential for positive revisions in 2016. He keeps a $210 price target for shares. Goldman closed Friday down $1.77 to $179.30. The analyst this morning also upgraded to Buy shares of Citizens Financial (CFG) and recommended a pair trade of long Citizens, short PNC Financial (PNC).

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.