Nomura Securities on U.S. Banks: Q3 Review
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Rating Summary:
10 Buy, 17 Hold, 1 Sell
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Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
10 Buy, 17 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
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Nomura Securities on U.S. Banks: Q3 Review
Analyst, Brian Foran, said, "We highlight the quarter and update estimates/targets for our coverage universe. Highlights include: 1) securities drives NIMs, 2) commercial yields were the disappointment, mortgage and auto continue their decline, 3) consumer card yields were up, 4) loan growth positive, 5) credit mostly better, but a slower rate, 6) gain on sale was big in 3Q and overall October was too. Valuations are low versus history as the banks trade 10x 2012E earnings (although in fairness, the whole market is at 12x so the relative multiples are not that far off). The base for the P/E remains a moving target. We are a little below consensus for 2012 as consensus numbers still seem to imply 9% pre-provision growth.
BB&T (NYSE: BBT): 2011E EPS from $1.60 to $1.81, target price from $25.00 to $21.50
Comerica (NYSE: CMA): 2012E EPS from $2.50 to $2.15, target price from $38 to $27.
City National (NYSE: CYN): 2011E EPS from $3.30 to $3.23, 2012E from $3.90 to $3.50, target price from $54 to $46
Fifth Third (Nasdaq: FITB): 2011E EPS from $1.20 to $1.22, 2012E from $1.50 to $1.45, target price from $14 to $14.50
First Horizon (NYSE: FHN): target price from $8.50 to $8.00
Huntington Bancorp (Nasdaq: HBAN): 2012E EPS from $0.65 to %0.60, target price from $7 to $6
KeyCorp (NYSE: KEY): 2011E EPS from $0.90 to $0.87, 2012E from $0.80 to $0.75, target price from $7.30 to $7.00
PNC Financial (NYSE: PNC): 2011E EPS from $6.32 to $6.33, 2012E from $6.40 to $6.35.
Synovus Financial (NYSE: SNV): 2011E EPS from ($0.26) to ($1.18), target price from $2.00 to $1.50
SunTrust (NYSE: STI): 2011E EPS from $1.05 to $1.12, 2012E from $2.15 to $1.75, target price from $29 to $22.50
U.S. Bancorp (NYSE: USB): 2011E EPS from $2.30 to $2.40, target price from $28 to $30
Western Alliance (NYSE: WAL): target price from $8.00 to $7.50
Zions Bancorp (Nasdaq: ZION): 2011E EPS from $0.70 to $0.90, 2012E from $1.80 to $1.60, target price from $26 to $19
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Analyst, Brian Foran, said, "We highlight the quarter and update estimates/targets for our coverage universe. Highlights include: 1) securities drives NIMs, 2) commercial yields were the disappointment, mortgage and auto continue their decline, 3) consumer card yields were up, 4) loan growth positive, 5) credit mostly better, but a slower rate, 6) gain on sale was big in 3Q and overall October was too. Valuations are low versus history as the banks trade 10x 2012E earnings (although in fairness, the whole market is at 12x so the relative multiples are not that far off). The base for the P/E remains a moving target. We are a little below consensus for 2012 as consensus numbers still seem to imply 9% pre-provision growth.
BB&T (NYSE: BBT): 2011E EPS from $1.60 to $1.81, target price from $25.00 to $21.50
Comerica (NYSE: CMA): 2012E EPS from $2.50 to $2.15, target price from $38 to $27.
City National (NYSE: CYN): 2011E EPS from $3.30 to $3.23, 2012E from $3.90 to $3.50, target price from $54 to $46
Fifth Third (Nasdaq: FITB): 2011E EPS from $1.20 to $1.22, 2012E from $1.50 to $1.45, target price from $14 to $14.50
First Horizon (NYSE: FHN): target price from $8.50 to $8.00
Huntington Bancorp (Nasdaq: HBAN): 2012E EPS from $0.65 to %0.60, target price from $7 to $6
KeyCorp (NYSE: KEY): 2011E EPS from $0.90 to $0.87, 2012E from $0.80 to $0.75, target price from $7.30 to $7.00
PNC Financial (NYSE: PNC): 2011E EPS from $6.32 to $6.33, 2012E from $6.40 to $6.35.
Synovus Financial (NYSE: SNV): 2011E EPS from ($0.26) to ($1.18), target price from $2.00 to $1.50
SunTrust (NYSE: STI): 2011E EPS from $1.05 to $1.12, 2012E from $2.15 to $1.75, target price from $29 to $22.50
U.S. Bancorp (NYSE: USB): 2011E EPS from $2.30 to $2.40, target price from $28 to $30
Western Alliance (NYSE: WAL): target price from $8.00 to $7.50
Zions Bancorp (Nasdaq: ZION): 2011E EPS from $0.70 to $0.90, 2012E from $1.80 to $1.60, target price from $26 to $19
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