UPDATE: Citigroup Upgrades Huntington Bancshares to Buy on Valuation

Citigroup raised its rating on Huntington Bancshares

from Neutral to Buy and increased its price target from $7 to $7.25. Citigroup said, "HBAN is down ~13% since early October versus its peers. We believe this selloff creates an opportunity to go long HBAN because (1) slowing loan growth concerns are by no means unique to HBAN and were a recurring theme during 3Q12 earnings season, (2) investor loan growth expectations have been reset lower and are priced into the regional bank stocks, particularly HBAN, (3) when the fiscal cliff is addressed, loan growth will likely reaccelerate and HBAN has more upside leverage to this potential catalyst than its peers and (4) HBAN has the option to throttle back on its expansion strategy should the slower growth persist." Huntington Bancshares closed at $6.32 on Thursday.