UPDATE: J.P. Morgan Reiterates Overweight Rating, Raises PT on SunTrust Banks

In a report published Friday, J.P. Morgan & Co. reiterated its Overweight rating on SunTrust Banks STI, and raised its price target from $31.50 to $33.50. J.P. Morgan noted, “SunTrust should be one of the biggest beneficiaries from housing market recovery among our banks. SunTrust has had an unusually large drag from mortgage related issues on several fronts versus peers. As the housing market recovers, SunTrust's earnings should show strong benefit. In addition, we expect management to remain focused on lowering expenses and improving efficiency ratio. Valuation is also attractive as STI trades below regional peers based on tangible book multiple. Therefore, we rate SunTrust Overweight relative to our coverage universe because we expect greater benefit from housing related recovery—and acquisition risk is likely to be less than peers.” SunTrust Banks closed on Thursday at $28.26.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorPrice TargetAnalyst RatingsJ.P. Morgan & Co.
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!