Truist Financial downgraded to Equal Weight at Stephens following outperformance

As previously reported, Stephens analyst Terry McEvoy downgraded Truist Financial to Equal Weight from Overweight with a $53 price target. Among the "super regional" banks, Truist has been the best performer year-to-date and relative to 2023 PPNR revisions, the analyst tells investors in a research note. Recent earnings reports from the super regional bank group "confirmed investor fears" that deposit competition heated up in the quarter and deposit betas may exceed the prior cycle, the firm added.