Goldman Sachs analyst Ryan Nash says his firm's economist is calling for six more rate hikes, two in the second half of 2018 and four more through the end of 2020. With six rate hikes in the books, Goldman believes we are half way through the rate rising cycle, Nash tells investors in a research note. The analyst believes some banks will see upside to revenue growth from rates moving higher. Comerica (CMA), Regions Financial (RF), SunTrust (STI), Citizens Financial (CFG) and KeyCorp (KEY) remain top picks for Nash. He also upgraded M&T Bank (MTB) to Buy from Neutral with 15% upside to his $196 price target. The analyst believes M&T will outperform as the benefits of higher rates exceed market expectations.

Piper Sandler analyst R. Scott Siefers raised the firm's price target on Comerica to $56 from $54 and keeps a Neutral rating on the shares. The Q1 results from the Midwest banks contained no major surprises, and they are "hopefully nearing a positive" net interest income inflection, the analyst tells investors in a research note. Despite the fluid rate environment, managements broadly reiterated NII guides, says Piper.

Piper Sandler upgraded Citizens Financial to Overweight from Neutral with a price target of $41, up from $35. Post the Q1 report, the analyst feels more comfortable with Citizens' near-term net interest income progression. The firm also likes the bank's longer-term opportunity, believing its "solid" capital base provides optionality to support earnings should loan growth not pan out as hoped. Piper considers the stock's valuation "very attractive" at current levels.

Piper Sandler upgraded Citizens Financial to Overweight from Neutral with a price target of $41, up from $35.