UPDATE: Wunderlich Securities Initiates Buy, $34 Target on BB&T

Wunderlich Securities initiates its coverage on BB&T

with a Buy rating and a price target of $34 as it sees the company to be the blue blue chip or regional banks. Wunderlich Securities comments that the company has "a highly disciplined, returns-based culture that pursues a commercially oriented business model with a community banking approach to its local markets. Because it is one of the best operators of any regional bank in the U.S., we are attracted to this high-quality company that is perfectly positioned to grow profitably through both organic means and opportunistic acquisitions. We believe the current price level offers an attractive entry point for quality conscious investors." BBT closed at $27.21 a share on Monday.