F.N.B., Western Alliance, East West Bancorp, Pinnacle are top picks while First Horizon, Associated Banc, Banc of California and First Interstate get downgrade.
Wells Fargo analyst Timur Braziler downgraded four U.S. regional banks Wednesday, sharing his four top picks as he assumed coverage of the sector.
Braziler listed four top picks: Western Alliance Bancorp WAL, +0.56%, F.N.B. Corp. FNB, -0.67%, Pinnacle Financial Partners Inc. PNFP, -0.26% and East West Bancorp EWBC, -0.27%. The four stocks were rated overweight. Braziler downgraded Associated Banc-Corp ASB, -0.18%, First Horizon Corp. FHN, +0.34%, Banc of California Inc. BANC, -0.86% and First Interstate Bancsystem Inc. FIBK, -1.30% to equal-weight from overweight.
Overall, banks continue to face competition for deposits which leaves institutions with high loan-to-deposit ratios and outsized asset growth more vulnerable.
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