SunTrust Banks (STI) Expected to Post EPS of $3 in 2014
Jefferies boosted estimates and its price target on SunTrust Banks (NYSE: STI) from $34 to $36 Monday following Q2 results last week. The firm said EPS of $3 is "doable."
Analyst Ken Usdin comments, "We increase our '13 estimate by $0.10 to $2.75 and our '14 estimate by $0.15 to $3.00. Faster-than-expected improvement in mortgage and home equity credit and a better run-rate for non-environmental expenses are the main reasons for our revisions. Better EPS visibility should allow STI to trade at a lesser discount to the group over time, but we still believe revenue needs to improve for the stock to break out."
Despite the positive commentary, the firm maintained a Hold rating on the shares.
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 $34.83 yesterday, with a 52 week range of $22.34-$36.29.
Analyst Ken Usdin comments, "We increase our '13 estimate by $0.10 to $2.75 and our '14 estimate by $0.15 to $3.00. Faster-than-expected improvement in mortgage and home equity credit and a better run-rate for non-environmental expenses are the main reasons for our revisions. Better EPS visibility should allow STI to trade at a lesser discount to the group over time, but we still believe revenue needs to improve for the stock to break out."
Despite the positive commentary, the firm maintained a Hold rating on the shares.
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 $34.83 yesterday, with a 52 week range of $22.34-$36.29.