In a report published Friday, Goldman Sachs Group upgraded its rating on SunTrust Banks STI from Neutral to Buy, and reiterated its $33.00 price target.
Goldman Sachs noted, “Upgrade STI to Buy ($33, 12-month price target); best positioned to benefit from the rebound in housing and could surprise to the upside on capital returns. We upgrade SunTrust to Buy (from Neutral), as we see (1) the continued rebound in Southeast housing driving further expense leverage and efficiency improvements to the low 60%'s by 2014, (2) upside to mortgage expectations given significant HARP volumes, (3) further loan growth opportunities from a pickup in CRE (and potentially HE/mtg post-QM), and (4) the potential for an upside surprise on capital returns given its significantly de-risked balance sheet and earnings profile (NPL sale, putback clarity).”
SunTrust Banks closed on Thursday at $28.63.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
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!
Already a member?Sign in