Truist Financial price target lowered to $46 from $53 at Piper Sandler

Piper Sandler analyst Stephen Scouten lowered the firm’s price target on Truist Financial to $46 from $53 and keeps an Overweight rating on the shares. The bank’s Q1 results were light of expectations on heightened funding pressures and the lower net interest margin, but its guidance was fairly stable apart from some expected revenue downside due to net interest income headwinds, the analyst tells investors in a research note. The firm thinks there will be continued NIM compression through 2023, but says the pace of decline will subside after Q2. It believes Truist is an "undervalued franchise."