UPDATE: Jefferies Reiterates Hold Rating, Raises PT on SunTrust Banks on Increased '13 Estimate

In a report published Monday, Jefferies analyst Ken Usdin reiterated a Hold rating on

, and raised the price target from $34.00 to $36.00. In the report, Jefferies noted, “We increase our '13 estimate by $0.10 to $2.75 and our '14 estimate by $0.15 to $3.00. Faster-than-expected improvement in mortgage and home equity credit and a better run-rate for non-environmental expenses are the main reasons for our revisions. Better EPS visibility should allow STI to trade at a lesser discount to the group over time, but we still believe revenue needs to improve for the stock to break out.” SunTrust Banks closed on Friday at $34.30.