Goldman Sachs Upgrades SunTrust Banks (STI) to Buy

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Goldman Sachs upgraded SunTrust Banks (NYSE: STI) from Neutral to Buy with a price target of $33.00 (from $29.00).

The firm cited: "1) the continued rebound in Southeast housing driving further expense leverage and efficiency improvements to the low 60%’s by 2014, (2) upside to mortgage expectations given significant HARP volumes, (3) further loan growth opportunities from a pickup in CRE (and potentially HE/mtg post-QM), and (4) the potential for an upside surprise on capital returns given its significantly de-risked B/S and earnings profile (NPL sale, putback clarity)."

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 $28.63 yesterday, with a 52 week range of $18.07-$30.79.

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