RBC Capital analyst Gerard Cassidy raised the firm’s price target on Citizens Financial to $45 from $43 and keeps an Outperform rating on the shares. The company’s Q3 earnings beat was primarily driven by lower-than-expected expense, offset by lower-than-expected noninterest income and lower-than-expected net interest income, the analyst tells investors in a research note. Citizens is well capitalized with a Common Equity Tier 1 ratio of 10.6%, but while its overall credit quality is solid, the bank saw some weakness in the quarter, the firm added.

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