UPDATE: Wolfe Research Downgrades Truist Financial (TFC) to Underperform

(Updated - October 5, 2021 5:51 AM EDT)

Wolfe Research analyst Bill Carcache downgraded Truist Financial (NYSE: TFC) from Peerperform to Underperform with a price target of $65.00 (from $71.00).

The analyst comments "Credibility of Anticipated Rate Hikes Boosts Desire for Rate Sensitivity. Although the market has a track record of getting ahead of itself in anticipation of future rate hikes, knowing that the Fed is targeting mid-2022 for the end of asset purchases increases our confidence that liftoff by the end of 2022 is indeed likely. We expect CMA to be among the greatest beneficiaries of the two hikes implicit in the Fed funds curve by the end of 2023 (Exhibit 4) and upgrade shares to Outperform (from Underperform). To make room, we downgrade TFC to Underperform (from Outperform)."

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 $60.05 yesterday.

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