Jefferies Upgrades SunTrust Banks (STI) to Buy
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Price: $32.43 +0.87%
Rating Summary:
17 Buy, 17 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 26 | New: 12
Rating Summary:
17 Buy, 17 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 26 | New: 12
Trade STI Now!
Jefferies upgraded SunTrust Banks (NYSE: STI) from Hold to Buy with a price target of $30 (down from $32).
The firm states, "We are upgrading SunTrust to Buy from Hold on greater confidence on expense initiatives and more attractive risk/reward at 0.90x current tangible book value of $24.27. Recent mgmt. meetings highlighted confidence in ongoing credit quality improvement, organic growth potential (retail households, wholesale client penetration), and achievability of pending cost initiatives. Target is $30, or 1.2x our year-end '11 TBV of $24.82."
For more ratings news on SunTrust Banks click here and for the rating history of SunTrust Banks click here.
Shares of SunTrust Banks closed at $21.84 yesterday, with a 52 week range of $21.82-$33.14.
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The firm states, "We are upgrading SunTrust to Buy from Hold on greater confidence on expense initiatives and more attractive risk/reward at 0.90x current tangible book value of $24.27. Recent mgmt. meetings highlighted confidence in ongoing credit quality improvement, organic growth potential (retail households, wholesale client penetration), and achievability of pending cost initiatives. Target is $30, or 1.2x our year-end '11 TBV of $24.82."
For more ratings news on SunTrust Banks click here and for the rating history of SunTrust Banks click here.
Shares of SunTrust Banks closed at $21.84 yesterday, with a 52 week range of $21.82-$33.14.
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