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Oct 9, 2025 4:00 PM

Citizens Financial's Outlook Brightens: BofA Securities Sees Efficiency Gains, M&A Potential

BofA Securities analyst Ebrahim H. Poonawala upgraded Citizens Financial Group, Inc. (NYSE:CFG) to Buy from Neutral and raised the price target to $65 from $52.

CFG is trading at elevated levels. See the full breakdown here.

The analyst estimates a 300bps+ improvement in ROTCE (Return on Tangible Common Equity) by 2028, reaching 14.6%, one of the largest increases across its super-regional bank coverage.

Poonawala expects ROTCE to benefit from the roll-off of terminated swaps (+21bps to NIM through 2027) ...