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Non-Tech : REGIONS FINANCIAL (RGBK) -- Ignore unavailable to you. Want to Upgrade?

To: Terry Lyon who wrote (34)	8/5/1998 1:50:00 PM
From: Jonathan D. Fears	Read Replies (1) \| Respond to of 49

NEWS: Buy Recommendation August 5, 1998 10:23 AM NEW YORK, Aug 5 (Reuters) - J.P. Morgan said on Wednesday it started coverage on shares of Regions Financial Corp. with a buy rating and a $49 per share price target. -- Analyst Catherine Murray assigns stock buy rating given its attractive valuation and expectations for 18 percent earnings growth in 1999. -- Company's high earnings growth in 1999 should come from merger cost savings and generally improving operating efficiency, she said. -- Believes price target is conservative, sees multiple expansion as investors recognize Regions' above-average earnings growth in 1999 and improving operating efficiency. -- Next 18 months should be critical for Regions as it seeks to establish itself as a premier banking franchise in the consolidating southeast, she said. -- Regions has made a lot of acquisitions and has launched several productivity initiatives that could create a surge in operating profitability, Murray said. -- Stock down 1-1/8 to 37-7/8. ((Wall Street desk 212-859-1730)) REUTERS