DA Davidson analyst Peter Winter initiated coverage of Huntington Bancshares with a Neutral rating and $15 price target. The bank has consistently generated above average profitability, ROA and ROTC, but the stock now trades at the highest forward price-to-earnings multiple within his regional bank group at 8.3-times vs. a peer median valuation of 7.6-times, the analyst tells investors in a research note. Huntington has generated positive operating leverage in eight out of the last nine years and should again in 2023 by realizing revenue synergies, strong deposit franchise, and a well-positioned for the current environment balance sheet, Winter adds.
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Published first on TheFly
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