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NEW YORK (TheStreet) -- Regions Financial (RF) - Get Regions Financial Corporation Report shares are rising by 0.95% to $9.07 on Wednesday afternoon, following FBR & Co.'s rating upgrade in a bullish note issued to investors yesterday. 

The firm raised its rating to "outperform" from "market perform" and lifted its price target to $10.50 from $10. 

Analysts are optimistic after the company reported strong 2016 first quarter results last Friday.

The Birmingham, AL-based bank posted profits of 20 cents a share, topping analysts' forecasts by a penny. Revenue of $1.37 billion also beat expectations of $1.34 billion.

Even though elevated provisions will likely remain a headwind to growth through fiscal 2016, "We believe that Regions Financial shares are too attractively valued to pass up, especially as the company continues to grow revenue and improve its operating leverage," analysts said. 

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Separately, TheStreet Ratings currently has a "Hold" rating on the stock with a letter grade of C+. 

The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income and attractive valuation levels. However, as a counter to these strengths, we find that the stock has had a generally disappointing performance in the past year.

Recently, The Street Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: RF

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