Jefferies Upgrades SunTrust Banks (STI) to Buy

Jefferies upgraded SunTrust Banks (NYSE: STI) from Hold to Buy with a price target of $30 (down from $32).

The firm states, "We are upgrading SunTrust to Buy from Hold on greater confidence on expense initiatives and more attractive risk/reward at 0.90x current tangible book value of $24.27. Recent mgmt. meetings highlighted confidence in ongoing credit quality improvement, organic growth potential (retail households, wholesale client penetration), and achievability of pending cost initiatives. Target is $30, or 1.2x our year-end '11 TBV of $24.82."

For more ratings news on SunTrust Banks click here and for the rating history of SunTrust Banks click here.

Shares of SunTrust Banks closed at $21.84 yesterday.

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