Truist Financial downgraded to Hold from Buy at Jefferies

Jefferies analyst Ken Usdin downgraded Truist Financial to Hold from Buy with a price target of $32, down from $37. U.S. banks continue to face “multiple uncertainties,” including negative earnings revisions, normalization of credit, and finalization of regulatory rules, the analyst tells investors in a research note. The firm says net interest income burdens are growing as deposit mix shift and elevated competition weigh on funding costs. Its downgrade centers mostly on downward net interest income revisions, with “limited differentiating catalysts” for the shares.