As previously reported, BofA analyst Ebrahim Poonawala upgraded Truist Financial to Buy from Neutral with a price target of $43, up from $37, citing three reasons. Namely, the analyst calls Truist’s liability sensitive balance sheet a “relative positive,” says its efficiency focus provides earnings defensibility and believes the optionality of the prospect of selling its remaining 80% stake in TIH is “good to have.” Changes in senior management and the downsizing of the board are “evidence of course correction underway,” the analyst added.
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