Citi opens ‘negative 30-day catalyst watch’ on Truist Financial

Citi analyst Keith Horowitz opened a "negative 30-day catalyst watch" on Truist Financial and kept a Neutral rating on the shares with a $52 price target. The analyst believes the company’s 2023 guidance will fall short of consensus estimates as he sees "significant" net interest income and expense headwinds. Net interest income headwinds include lower purchase accounting accruals and lower benefit from terminated swaps, Horowitz tells investors in a research note. Longer-term, Horowitz believes Truist is attractively priced, but after reviewing his model, thinks earnings estimates "need to be reset."