Regions no longer a Buy at Miller Tabak; First Midwest upgraded

A late-Tuesday downgrade of Regions Financial (RF -1.7%) by analyst Thomas Mitchell is moving the stock today. It's a valuation call, with Miller pulling his Buy rating after recent outperformance by stock (it's up roughly 40% over the past year vs. about 30% for the KBW Bank Index). Regions, says Mitchell, "remains challenged to accumulate enough new capital to grow the business faster."

In another move, Mitchell pulls his Sell rating on underperforming First Midwest Bancorp (FMBI -0.6%), saying the lender "has (finally) emerged from the very difficult credit quality conditions it had long faced as a result of lending on undeveloped land parcels back in the mid-2000's."

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