Deutsche Bank analyst Matt O’Connor raised the firm’s price target on Huntington Bancshares to $13.50 from $12.50 and keeps a Hold rating on the shares. The analyst sees three key themes for the U.S. banks in 2024: lower interest rates, which are good for bank capital, but generally bad for earnings, credit quality, which will likely be the most important theme for bank stocks whether or not there’s a credit cycle, and regulation and the political backdrop. The firm sees limited further upside to bank stocks given likely continued earnings pressure, sluggish loan growth, continued risks of a credit cycle, and as valuations are back to more reasonable levels.
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Read More on HBAN:
- Huntington Bancshares price target raised to $14.50 from $14 at JPMorgan
- Huntington Bancshares upgraded to Outperform from In Line at Evercore ISI
- Huntington Bancshares upgraded to Equal Weight from Underweight at Barclays
- Huntington completed credit risk transfer of $3B in prime auto loans
- Huntington capital actions a ‘modest positive,’ says Evercore ISI