Bernstein Upgrades SunTrust Banks (STI) to Outperform

Bernstein upgraded SunTrust Banks (NYSE: STI) from Market Perform to Outperform with a price target of $49.00 as valuation looks attractive versus peers.

Analyst John E. McDonald commented, "Upgrade STI to Outperform on valuation. STI could increasingly be viewed as "emerging quality" holding based on mgmt's improved credibility around delivering solid operating results and more limited exposure to the int'l turmoil and regulatory headwinds."

He added, "With a strong franchise in an attractive footprint, we think the stock's current valuation (12% discount to historical median P/E) provides a good entry point for investors to add to positions in a name we view as a core long term holding in financials."

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 $39.48 yesterday.

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