UPDATE: Citigroup Reduces PT to $24 on SunTrust Banks on Lower NIMs

Citigroup reiterates its Neutral rating on SunTrust Banks STI and lowers its price target from $26 to $24. Citigroup notes, "We slightly reduce our 2012 and 2013 NIM estimates by 1 bps and 3 bps, respectively to 3.38% in 2012 and 3.23% in 2013. We reduce our 2014 NIM estimate by 7 bps to 2.97%. This compares to 3.49% at the end of 1Q12. …In the hypothetical case that rates remain flat through 2014, we estimate that 2013 and 2014 estimates could fall by another ~2% and ~7%, respectively vs our new estimates." STI closed at $21.77 on Thursday.