UPDATE: Citigroup Upgrades BB&T to Buy on Pullback Following Guidance Cut

Citigroup raised its rating on BB&T BBT from Neutral to Buy but lowered its price target from $36 to $35. Citigroup said, "We have been on the sidelines with BBT hoping for an entry point as we like BBT's above-average profitability and growth, strong balance sheet and risk discipline – all of which make for an attractive long-term investment – but had felt it was full near-term. Plus, we believe BBT (like PNC and USB) is in the sweet spot in terms of regional banks, as it's large enough to get the best expense leverage, but not big enough to be weighed down by large capital requirements, and still has the option to grow via well-priced acquisitions where we believe opportunities will surface over time." BB&T closed at $29.78 on Friday.