Truist Financial downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler analyst R. Scott Siefers downgraded Truist Financial to Neutral from Overweight with a price target of $32, down from $36. Management announced a 5% cost program earlier this week, which takes away a potential catalyst for the shares, the analyst tells investors in a research note. The firm admits to being “too ambitious” on Truist’s cost outlook prior to the program’s announcement. From here, it does not see enough company-specific drivers to believe the shares will outperform others.