South State initiated with a Neutral at Citi

Citi initiated coverage of South State with a Neutral rating and $102 price target The firm remains constructive on the regional bank sector given its view that the best time to buy bank stocks is the transition from late-cycle to early-cycle. Given South State’s “already rich” valuation, CIti remains skeptical of further valuation expansion near-term and opts to wait on the sidelines for a more attractive entry point.