Truist Financial downgraded to Hold from Buy at Odeon Capital

Odeon Capital downgraded Truist Financial to Hold from Buy with a $32.75 price target. Truist has had difficulty raising its revenues “from the time it was created in a merger of equals” and it “appears that the problem will persist through 2023,” says the firm, which does not expect the stock price to decline from this level, but adds that the “problem is how long will it be before the stock rises in price.” Truist has had to “dramatically increase the rate it pays on deposits” and this rate is “likely to go higher,” Odeon added.