Analysts are bullish on some regional bank stocks after earnings seasons showered less-than-feared deposit declines.
The lack of major outflows from many regional banks suggests that there are several stocks in the industry that could be big winners for investors, according to Wells Fargo. Analysts Jared Shaw and Timur Braziler are bullish on several names in the industry, including calling for a 60% bounce in Western Alliance earlier this week. They expanded that optimism on Thursday evening by reiterating overweight ratings on Banc of California , East West Bancorp , F.N.B. Corporation .
"The scarcity value of BANC has improved following the events of the last 4-weeks, as the CA banking landscape has suffered meaningfully. While we see few near-term earnings catalysts, the current sub-TBV valuation provides L/T opportunity," Braziler wrote in a note to clients. Wells Fargo called Banc of California's deposit mix "impressive" and noted that the firm continued its stock buybacks despite the turmoil for regional banks. The upside for F.N.B.
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