Market Overview

UPDATE: J.P. Morgan Reiterates Overweight Rating, Raises PT on SunTrust Banks

Share:
Related STI
Benzinga's Top Upgrades
Banks Go From 'Euphoria To Panic In A Week,' But BofA And SunTrust Might Be Rebound Plays

In a report published Friday, J.P. Morgan & Co. reiterated its Overweight rating on SunTrust Banks (NYSE: STI), and raised its price target from $31.50 to $33.50.

J.P. Morgan noted, “SunTrust should be one of the biggest beneficiaries from housing market recovery among our banks. SunTrust has had an unusually large drag from mortgage related issues on several fronts versus peers. As the housing market recovers, SunTrust's earnings should show strong benefit. In addition, we expect management to remain focused on lowering expenses and improving efficiency ratio. Valuation is also attractive as STI trades below regional peers based on tangible book multiple. Therefore, we rate SunTrust Overweight relative to our coverage universe because we expect greater benefit from housing related recovery—and acquisition risk is likely to be less than peers.”

SunTrust Banks closed on Thursday at $28.26.

Latest Ratings for STI

DateFirmActionFromTo
Aug 2015BairdUpgradesUnderperformNeutral
Aug 2015Sterne Agee CRTInitiates Coverage onNeutral
Jul 2015BMO CapitalDowngradesOutperformMarket Perform

View More Analyst Ratings for STI
View the Latest Analyst Ratings

Posted-In: J.P. Morgan & Co.Analyst Color Price Target Analyst Ratings

 

Related Articles (STI)

View Comments and Join the Discussion!

Get Benzinga's Newsletters