Truist Financial price target lowered to $37 from $40 at Stephens

Stephens lowered the firm’s price target on Truist Financial to $37 from $40 and keeps an Equal Weight rating on the shares after Q2 results fell short of expectations and management lowered their 2023 PPNR outlook. Based on Q2 trends and management’s update, the firm is lowering its 2023 and 2024 operating EPS estimates to $3.85 from $4.10 and $3.30 from $3.55, respectively.