Jefferies Downgrades Huntington Bancshares (HBAN) to Hold

Jefferies downgraded Huntington Bancshares (NASDAQ: HBAN) from Buy to Hold with a price target of $14.00 (from $12.00) to reflect post-election stock/EPS dynamics.

Analyst Ken Usdin commented, "We downgrade HBAN to Hold (from Buy) after strong relative performance since the election has put valuation back to a reasonable range. HBAN will have modest benefits from higher short-term interest rates, but has a lower tax rate (23% effective tax rate in '17). Following on its strong 3Q16 results, HBAN’s ongoing implementation of the FMER acquisition should provide an ongoing tailwind to expenses and fee income. The trajectory of purchase accounting accretion remains a question, one that is likely to be answered at HBAN's next public presentation."

For an analyst ratings summary and ratings history on Huntington Bancshares click here. For more ratings news on Huntington Bancshares click here.

Shares of Huntington Bancshares closed at $12.56 yesterday.

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