UPDATE: J.P. Morgan Lowers PT on BB&T from $33 to $34
J.P. Morgan reiterates a Neutral rating on BB&T Corporation (NYSE: BBT) and raises its price target from $33 to $34.
J.P. Morgan comments, “We are raising our price target modestly by $1 to $34, reflecting higher EPS estimates. Our price target is based on 2.0x our 2012E price to tangible book value multiple, a premium to peer group multiple of 1.5x tangible book value. We expect BBT to trade at a modest premium to the group as BBT should be a beneficiary of consolidation in the industry. BBT is trading at 11.0x our 2013E EPS estimate and 1.9x tangible book value, which is above the large cap bank median of 1.1x.”
BB&T Corporation closed at $30.95 on Friday.
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