Argus raised the firm’s price target on Huntington Bancshares to $14 from $12 and keeps a Buy rating on the shares after its Q4 earnings. While regional bank shares have faced pressure since the failure of Silicon Valley Bank, which called into question the stability of bank deposits, Huntington Bancshares and other regional banks have adequately allayed deposit fears with their Q3 and Q4 results, the analyst tells investors in a research note. The stock merits a higher earnings multiple than its current 9-times expected 2024 EPS based on the company’s strong long-term growth prospects, including its expansion with the TCF acquisition, the firm added.
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