Bank stocks decline on Key, Regions downgrades by Merrill
By Daniel at 16 May, 2008, 11:25 am
NEW YORK (MarketWatch) - Bank stocks fell almost 3% in early trading Friday after
Merrill Lynch downgraded Regions Financial Corp. and KeyCorp to sell from neutral
on fears of declining credit quality. Merrill trimmed its earnings estimates for
Regions by 88 cents to $20.44 and by 93 cents to $24.16 for KeyCorp; the
downgrades pushed both banks’ shares down more than 5% in morning trading.
Analyst Ed Najarian told investors in a research note that Merrill continues to
expect large loan loss reserves at the nation’s larger regional banks, but sees
the potential for recovery in 2009. Merrill maintained its sell rating on other
regional banks Wells Fargo & Co. [s:WFC], SunTrust Banks Inc. [s:STI] and
Wachovia Corp. .
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