Jefferies Upgrades SunTrust Banks (STI) to Buy

August 5, 2011 8:22 AM EDT
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Price: $54.67 -2.32%

Rating Summary:
    16 Buy, 23 Hold, 4 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 35 | Down: 30 | New: 8
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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.

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