Jefferies Downgrades Huntington Bancshares (HBAN) to Hold
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Jefferies downgraded Huntington Bancshares (NASDAQ: HBAN) from Buy to Hold with a price target of $14.00 (from $12.00) to reflect post-election stock/EPS dynamics.
Analyst Ken Usdin commented, "We downgrade HBAN to Hold (from Buy) after strong relative performance since the election has put valuation back to a reasonable range. HBAN will have modest benefits from higher short-term interest rates, but has a lower tax rate (23% effective tax rate in '17). Following on its strong 3Q16 results, HBAN’s ongoing implementation of the FMER acquisition should provide an ongoing tailwind to expenses and fee income. The trajectory of purchase accounting accretion remains a question, one that is likely to be answered at HBAN's next public presentation."
Shares of Huntington Bancshares closed at $12.56 yesterday.
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