UPDATE: BTIG Downgrades SunTrust Banks to Neutral on Achievement of $30 PT

BTIG reduced its rating on SunTrust Banks (NYSE: STI) from Buy to Neutral and removed its $30 price target. BTIG noted, "We are downgrading SunTrust (STI) to NEUTRAL from BUY and removing our price target of $30 following achievement of that level. … We now view STI shares as more of a play on an improving housing market in Florida and Georgia, which makes it a different trade at a different valuation than the one we had recommended. STI now trades at 1.16x 2Q12 tangible book value (TBV) of $26.02 compared to the steep discount to TBV at which it traded when we initiated coverage of the company with a BUY."SunTrust Banks closed at $30.19 on Thursday.