Piper Jaffray maintained an Overweight rating on SunTrust Banks (NYSE: STI), and cut the price target to $48.00 (from $51.00), following the company's 4Q earnings report. STI reported a decent 4Q15 result, beating street estimates by $0.01 but needed $0.04 of reserve releases to hit the number despite reporting higher non-performing assets and net charge-offs.

Analyst Kevin Barker commented, "We reiterate our Overweight rating and adjust our price target to $48 from $51 following the 4Q15 earnings release. We are adjusting our price target to take into account lower core earnings estimates. STI reported a decent 4Q15 result, beating street estimates by $0.01 but needed $0.04 of reserve releases to hit the number despite reporting higher non-performing assets and net charge-offs. STI also guided to higher expenses and slightly improving efficiency ratio, implying EPS growth in 2016 would be in the lowsingle digit v. mid-high single digit estimate. Although the guide for higher expenses was disappointing, we still project earnings growth without higher rates and the company to continue generating operating leverage. We continue to believe the stock is attractive, especially at current levels."

For an analyst ratings summary and ratings history on SunTrust Banks click here. For more ratings news on SunTrust Banks click here.

Shares of SunTrust Banks closed at $35.27 yesterday.