Seeking Alpha

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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