Rochester, NY 8/21/2009 6:52:29 PM
Regions Financial Corp. RF, Deutsche Bank Slumped Regions Market Value
Regions Financial Corp. RF
Regions Financial announces yesterday that the offer of an attractive price depends on how bullish investors are on an economic rebound, according to a Deutsche Bank. The company faces an increase in credit losses for the next and half.
Analyst Matt O'Connor downgraded Regions to hold from buy, saying the stock's value has run up too far, too fast, but still offers an attractive price for investors who think the worst is over and a recovery is imminent. O'Connor notes that shares of the Birmingham, Ala.-based bank have surged 44% since late-May, vs. a 10% climb for a group of competitors.
Regions were recently up two cents to $5.53, in line with O'Connor's low-level tangible book value and far above his $5 price target.
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