DA Davidson analyst Peter Winter upgraded Huntington Bancshares to Buy from Neutral with a price target of $15.50, up from $14. Huntington’s balance sheet is asset sensitive and a “higher for longer” rate environment is expected to lead to stronger net interest income, or NII, growth, with the forward curve no longer forecasting six rate cuts in 2024 and the first rate cut expectation pushed out to May or June, the analyst tells investors. Huntington has a strong deposit franchise that is growing and unlike some peers, the bank is “not on a RWA diet” and is well positioned to take market share, the analyst added.
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