UPDATE: Raymond James Downgrades Truist Financial (TFC) to Market Perform

May 10, 2021 4:46 AM EDT
Get Alerts TFC Hot Sheet
Price: $54.84 -0.85%

Rating Summary:
    4 Buy, 6 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 18 | Down: 25 | New: 11
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(Updated - May 10, 2021 7:26 AM EDT)

Raymond James analyst Michael Rose downgraded Truist Financial (NYSE: TFC) from Outperform to Market Perform.

The analyst comments "We are downgrading TFC shares from Outperform to Market Perform given limited upside to our previous price target and lack of identifiable catalysts that would drive nearer-term outperformance or multiple expansion. While we continue to view Truist's fundamental story positively, especially as the benefits from the MOE further materialize, we see these benefits as largely reflected in consensus expectations. YTD, TFC shares are up 28.5%, above the S&P 500 (+12.7%) but below the BKX (+35.6%) where only JPM (+26.9%) and C (+21.8%) have lower YTD performance among peers. With shares trading at a similar premium to peers on a P/TBV basis and at a well-deserved P/E multiple premium given above peer projected profitability, we now see risk-reward as balanced."

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 $61.57 yesterday.


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