Keefe, Bruyette & Woods Upgrades SunTrust (STI) to Outperform
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Keefe, Bruyette & Woods upgrades SunTrust (NYSE: STI) from Market Perform to Outperform. Price target $17.
Keefe analyst says, "We are increasing our cumulative loss assessments for the southeastern large caps given our more bearish economic outlook. The revised Stress Case cumulative loss estimates are 10.7%, 10.7%, 7.8%, 6.9% and 6.6% for FHN, SNV, RF, STI and BBT, respectively. In this report, we compare and contrast loss content for each loan category for each bank. With Stress Tests mandated for STI, BBT and RF and likely tests to come for FHN and SNV, we estimate that all five will end up applying for the Capital Assistance Program (CAP), but none will likely have near-term CAP capital forced upon them due to the Stress Test results. That said, we believe STI and RF will most likely by year end convert $2.0 billion and $1.25 billion."
To see more analyst ratings on STI Click Here.
SunTrust Banks, Inc. is a diversified financial services holding company whose businesses provide a range of financial services to consumer and corporate clients.
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