Morgan Stanley downgraded Citizens Financial to Equal Weight from Overweight with an unchanged price target of $31. The analyst says weaker net interest margin and rising net charge offs are a headwind to earnings for 2024. Assuming that rates stay higher for longer next year, Citizens’s NIM will decline another 21 basis points from Q3 to its 2024 trough, versus just six points for the median mid dcap bank, driven by growing pressure from its swap portfolio, As previously reported,
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