Evercore ISI Upgrades SunTrust Banks (STI) to Buy

Evercore ISI upgraded SunTrust Banks (NYSE: STI) from Hold to Buy with a price target of $46.00 following the recent pullback.

Analyst John Pancari commented, "Upgrading STI to BUY from HOLD following the recent sell-off in the shares, and post our relatively positive mgmt meetings this month. SunTrust’s shares are off 12% MTD (down 4% this week alone), vs a 10% MTD pullback for the group (down 3% WTD). STI now trades at 1.28x TBV (large cap peers 1.55x), despite our expectation for STI’s 2016 ROTCE to approximate 11.5%. Also, at 11x 2016 EPS, STI trades at a 4% forward P/E discount to peers vs a historical in line valuation, and despite improving bottom line trends. Accordingly, we upgrade STI to BUY post the pullback."

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 $39.03 yesterday.

You May Also Be Interested In

• HSBC Downgrades Feng Tay Enterprises (9910:TT) to Hold
• Westamerica Bancorp (WABC) PT Lowered to $50 at Piper Sandler
• American International Group (AIG) PT Raised to $89 at Piper Sandler