Jefferies Downgrades Huntington Bancshares (HBAN) to Hold
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields fall on U.S. jobs data, euro flat before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Pivotal Research Downgrades Kroger (KR) to Hold
- Jefferies Cuts Price Target on Workday (WDAY) to $71 Following 3Q
- Jefferies Cuts Price Target on Kroger (KR) to $30 Following 3Q and Guidance
Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades
Related EntitiesJefferies & Co, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!