UPDATE: Citigroup Reiterates Neutral Rating, Raises PT on SunTrust Banks

In a report published Friday, Citigroup reiterated its Neutral rating on SunTrust Banks

, and raised its price target from $24.00 to $29.00. Citigroup noted, “After the KO equity and loan sales earlier in 3Q12, we note that there is a wide dispersion in estimates for 3Q12. It appears as if some analysts are including the impact of the KO sale while others are not. We are including the impact of the KO sale. We model core PTPP up ~6% q/q driven primarily by higher mortgage banking income. We note that our EPS estimates include the impact of the KO sale, our core PTPP calculation excludes the benefit from the sale, costs associated with loan sales, mortgage repurchase provision and environmental costs above and beyond what we consider a normal run rate.” SunTrust Banks closed on Thursday at $28.26.