HSBC initiated coverage of Truist Financial with a Hold rating and $29 price target. A bifurcation is emerging in the revenue outlooks of traditional banks and those of more capital markets-focused financial groups, the analyst tells investors in a research note. The firm expects to see net interest income decline for most banks and its 2024 and 2025 earnings forecasts are below consensus. HSBC is initiating coverage of nine U.S. large cap banks and brokers with a positive views on brokers and cautious view on super-regional banks. It has mixed views on universal banks.
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