Jefferies Downgrades SunTrust Banks (STI) to Hold, Sees Revenue Resistance
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Price: $31.94 +0.60%
Rating Summary:
18 Buy, 16 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
18 Buy, 16 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade STI Now!
Jefferies downgraded SunTrust Banks (NYSE: STI) from Buy to Hold with a price target of $30.00 (from $32.00).
The firm comments, "We are downgrading STI to Hold (target to $30 from $32) on revenue trajectory concerns, notably in mortgage banking. STI has a large % of revs. from mortgage production (>10%) and also had a large positive delta in '12 from related fee growth. With gain-on-sale margins declining, STI is more exposed than most to revenue revisions. EPS support from declining credit costs and leverage to housing improvement remain positives."
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 $28.79 yesterday, with a 52 week range of $20.96-$30.79.
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The firm comments, "We are downgrading STI to Hold (target to $30 from $32) on revenue trajectory concerns, notably in mortgage banking. STI has a large % of revs. from mortgage production (>10%) and also had a large positive delta in '12 from related fee growth. With gain-on-sale margins declining, STI is more exposed than most to revenue revisions. EPS support from declining credit costs and leverage to housing improvement remain positives."
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 $28.79 yesterday, with a 52 week range of $20.96-$30.79.
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