Wells Fargo Upgrades SunTrust Banks (STI) to Outperform; Profile Underappreciated

Wells Fargo upgraded SunTrust Banks (NYSE: STI) from Market Perform to Outperform, price target range $25-$27.

Analyst, Matthew H. Burnell, said, "We are upgrading STI due to 1) an improving return profile, as HARP benefits boost near-term revenue and environmental and operating costs decline over the course of the next year, resulting in a sub-60% core efficiency ratio; 2) stabilizing/rebounding real estate markets across many of its major southeastern markets, and 3) a discounted valuation relative to its LCRB peers on both a T/TBV basis and forward P/E basis."

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 $22.17 yesterday.

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