UPDATE: UBS Downgrades SunTrust Banks (STI) to Neutral
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Price: $1.46 -2.67%
Rating Summary:
13 Buy, 23 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
Rating Summary:
13 Buy, 23 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
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(Updated - June 14, 2013 10:49 AM EDT)
UBS downgraded SunTrust Banks (NYSE: STI) from Buy to Neutral with a price target of $34 (unchanged). Analyst Stephen Scinicariello said he was shifting to neutral after a strong run.
"Outperformance over the past year (+43% vs. +25% for industry) has been driven by acceler ated credit leverage due to economic/housing improvement and solid mortgage banking. However, these key drivers are now transitioning to factors that could take longer to achieve (loan growth, efficiency, cross selling, commercial mix shift) and valuation now looks fair leading to a reduction in our rating," said Scinicariello.
For an analyst ratings summary and ratings history on SunTrust Banks click here. For more ratings news on SunTrust Banks click here.
Shares of SunTrust Banks closed at $31.95 yesterday.
UBS downgraded SunTrust Banks (NYSE: STI) from Buy to Neutral with a price target of $34 (unchanged). Analyst Stephen Scinicariello said he was shifting to neutral after a strong run.
"Outperformance over the past year (+43% vs. +25% for industry) has been driven by acceler ated credit leverage due to economic/housing improvement and solid mortgage banking. However, these key drivers are now transitioning to factors that could take longer to achieve (loan growth, efficiency, cross selling, commercial mix shift) and valuation now looks fair leading to a reduction in our rating," said Scinicariello.
For an analyst ratings summary and ratings history on SunTrust Banks click here. For more ratings news on SunTrust Banks click here.
Shares of SunTrust Banks closed at $31.95 yesterday.
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