Large cap regional banks’ 2014 estimates are a little high and should expect to witness downward revisions post-4Q13 earnings, according to the latest research report from Citi.
Keith Horowitz and the analyst team at Citi Research pegged their estimates for the large cap regional banks 3% below consensus on average.
Relative valuations appear full at current levels
Citi analysts believe the regional banks currently trade at about 12x 2014 earnings or about 20% discount to the S&P 500 (INDEXSP:.INX) compared to their historical 26% discount. The following graphs highlight the analysts’ views:
Citi analysts anticipate 3% downside to 2014 consensus EPS estimates. Except for Wells Fargo, their 2014 estimates...
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