UPDATE: Raymond James Downgrades Truist Financial (TFC) to Market Perform
- Wall St falls as economic woes hit banks, industrials stocks
- Private Sector Employment Increased by 330,000 Jobs in July, Missing Expectations
- Softbank-Backed Zymergen (ZY) Crashes Over 70% as CEO Departs, Product Revenue Not Possible in 2021 and 'Immaterial' in 2022, At Least 6 Firms Downgrade
- Oil prices fall as Delta variant spread weighs
- Lyft (LYFT) Beats Q2 Estimates, Firms Raise PTs on Accelerating Demand
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."
Shares of Truist Financial closed at $61.57 yesterday.
You May Also Be Interested In
- NXP Semiconductors NV (NXPI) PT Raised to $242 at Loop Capital on High Capital Return
- Lyft (LYFT) PT Raised to $78 at Jefferies Sees Profitability as Sustainable
- UPDATE: H.C. Wainwright Upgrades BeyondSpring Inc. (BYSI) to Buy, $100 PT
Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades
Related EntitiesRaymond James, Standard & Poor's
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!