UPDATE: Sterne Agee Downgrades BB&T Corporation to Neutral, Lowers PT

In a report published Friday, Sterne Agee Group downgraded its rating on BB&T Corporation

from Buy to Neutral, and lowered its price target from $37.00 to $32.00. Sterne Agee noted, “We are downgrading BBT to Neutral from Buy as mgmt has become markedly more cautious on the outlook for '13, in part due to the persistent uncertainty and weak econ. Bottom line: expect. for grtr than expected NIM/spread press., elevated expns, and the likelihood for slowing loan growth will each serve to lower EPS growth over the near-interm. term. Estm:'13 $2.95 from $3.25; '14 $3.25 from $3.40. Essentially flat core EPS in '13 and high single digits in '14. Our PT moves down to $32 from $37.” BB&T Corporation closed on Thursday at $29.78.