UPDATE: Citigroup Downgrades Huntington Bancshares to Neutral on Valuation

Citigroup downgraded Huntington Bancshares

from Buy to Neutral and maintained a $7.25 price target. Citigroup noted, "We are downgrading HBAN from Buy to Neutral based on valuation. HBAN is up ~13% since late October versus the S&P Regional Bank Index which is up ~10% over that period. Even with the recent move up in rates, our valuation model suggests this stock has little upside. Interestingly, we have never had less traction with investors with a Buy thesis than we did with our HBAN recommendation. At the margin, that indifference makes us a bit more bullish, and we would look to get long the name at a more compelling valuation." Huntington Bancshares closed at $7.17 on Thursday.