UPDATE: Piper Sandler Downgrades Truist Financial (TFC) to Neutral

Piper Sandler analyst Stephen Scouten downgraded Truist Financial (NYSE: TFC) from Overweight to Neutral with a price target of $72.00.

The analyst comments "4Q21 results were ahead of our expectations, but much of that upside came on a negative LLP - while PPNR was only $0.01 below our estimate due to weaker noninterest income. As we expected, management officially guided to positive operating leverage in '22 with expectations for 2%-4% revenue growth and 1%-2% adj expense growth (from $12.7B base). TFC also announced that it will be eliminating all overdraft fees with the introduction of its "Truist One Banking" checking account in 2Q22, which will result in a ~$300M annual impact to fees with 30%-40% realized in '22 and ~100% in '23. This is included in TFC's guidance. Overall, we thought it was a solid quarter from TFC and management sounded a bullish tone on its outlook for '22 as the bank continues to shift away from its integration stage and into operating mode."

For an analyst ratings summary and ratings history on Truist Financial click here. For more ratings news on Truist Financial click here.

Shares of Truist Financial closed at $67.41 yesterday.

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