Bank stocks have been on quite a run since Election Day, but further upside may now be limited.

In a new report, Bernstein analyst Kevin Pierre downgraded four U.S. regional banks from Outperform to Market Perform. According to Pierre, the bank stocks are simply fully-valued at this point.

“Even factoring in the potential for positive revisions and regulatory easing, we struggle to find compelling upside to any of the mid-cap bank stocks in our coverage,” Pierre explains.

Bernstein’s four downgrades include Citizens Financial Group Inc CFG 0.19%, Fifth Third Bancorp FITB 0.57%, KeyCorp KEY 0.6%and Zions Bancorp ZION 0.05%.

Pierre points out that bank stocks have rallied 15 percent since Trump’s election, but the president-elect has provided few details about potential policy actions that would benefit the banks. Pierre believes…

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