UPDATE: Morgan Stanley Downgrades BB&T Corporation to Equal-Weight on NIM Pressure
Morgan Stanley reduced its rating on BB&T Corporation (NYSE: BBT) from Overweight to Equal-weight with a reiterated $33 price target.
Morgan Stanley noted, "Higher NIM pressure vs. peers, particularly on securities re-pricing and declining benefit from accretable yield. Majority of the benefit from declining credit related costs is already in the run rate, and management is cutting expenses more slowly than peers to expand footprint in Texas and maintain competitive position."
BB&T Corporatio closed at $29.64 on Tuesday.
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