estimates imply RF would generate ROTEs of 10-11% in 2016-2017E, hence we find RF fairly valued at 1.3x TBV. Our 13x multiple is in-line with large regional peers. Our DCF assumes a two-stage cost of capital of 13.6% and 10.5% and a terminal growth rate of 6.5% and Tier 1 common of 8% at termination. Downside risks to our PO are a slower-than-expected credit recovery, and the Fed on hold for a longer period of time. Signature Bank (SBNY) We use an equal-weighted three-factor valuation framework (P/E, P/TBV, DCF) to arrive at our $160 PO and assign a 2.1x multiple to 3Q17E TBV, representing a premium to the group, which we believe is appropriate given a stronger profitability and capital profile, and above-peer-growth prospects. Our 16.1x multiple on 2017E is higher than peers given consistent above peer growth. Our DCF assumes a two-stage cost of capital of 10% and a terminal growth rate of 4%. Risks to our price objective are required provisioning at higher-than-forecast levels, further deterioration in rental income for commercial properties, and a longer-than- anticipated low-rate environment. SunTrust Banks, Inc. (STI) We use a three-factor valuation framework (P/E, P/TBV, DCF} to arrive at our $53 PO, assigning a 1.7x multiple to 2017E TBV and 14.5x multiple on 17E EPS. Above peer P/TBV due to their above median profitability, and below peer P/E due to their below median EPS growth. We have weighted the P/E and P/TBV factors equally at 40%, and our DCF analysis by 20%. Our DCF assumes a two-stage cost of capital of 12% and a terminal growth rate of 4%. Risks to our price objective are macro risks, such as a slower than expected rate increase. Upside risks are higher-than-expected capital return, a general beta rally for bank stocks, and faster recognition of “normalized” earnings. SVB Financial Group (SIVB) We use a three-factor valuation framework (P/TBV, P/E, DCF) to arrive at our $165 price objective and assign a 1.8x multiple to