Deutsche Bank Downgrades SunTrust Banks (STI) to Hold; Higher-Than-Expected Expenses
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Price: $7.88 +3.55%
Rating Summary:
13 Buy, 23 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
13 Buy, 23 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Deutsche Bank downgraded SunTrust Banks (NYSE: STI) from Buy to Hold.
Deutsche analyst said, "We continue to believe upside to STI's earnings (and the stock) could be meaningful longer term reflecting lower expenses (cost savings program and declines in credit related costs). However, expenses were higher than expected in 4Q and may not decline meaningfully until late 2012. In addition, NIM pressure from asset repricing and swap roll off could total 10-15bps in 1H12. These factors, plus the 20%-plus move in the stock YTD (nearly 40% from recent Dec lows) suggest less upside in the near term, in our view."
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 $21.62 yesterday.
Deutsche analyst said, "We continue to believe upside to STI's earnings (and the stock) could be meaningful longer term reflecting lower expenses (cost savings program and declines in credit related costs). However, expenses were higher than expected in 4Q and may not decline meaningfully until late 2012. In addition, NIM pressure from asset repricing and swap roll off could total 10-15bps in 1H12. These factors, plus the 20%-plus move in the stock YTD (nearly 40% from recent Dec lows) suggest less upside in the near term, in our view."
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 $21.62 yesterday.
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