Investor sentiment toward regional banks had gotten so negative, J.P. Morgan analyst Steven Alexopoulos said it was time to back away from his bearish stance on the sector, and even turn bullish on three beaten-down stocks.
He upgraded Western Alliance Bancorp WAL and Comerica Inc. CMA to overweight from neutral, and doubled upgraded Zions Bancorporation ZION to overweight from underweight, saying the banks’ stocks “appear substantially mispriced to us.”
The…
