Truist Financial (TFC) PT Raised to $45 at RBC Capital
RBC Capital analyst Gerard Cassidy raised the price target on Truist Financial (NYSE: TFC) to $45.00 (from $42.00) while maintaining a Outperform rating.
The analyst comments "TFC's diversified business model, along with having one of the best positioned banking franchises, delivered strong core 2Q24 results. The sale of Truist Insurance Holdings (TIH) strengthened TFC’s capital position, which allowed TFC to execute a bond portfolio restructuring and announce a $5.0 billion stock repurchase program. The buyback program commences in the 3Q24 with $500 million of buybacks. We recognize the monetization of TIH unleashed its true value to TFC but it will now be tasked with the challenge to replace the less capital intense, “annuity like” income that enabled TIH to report high levels of profitability."