Truist Financial price target lowered to $46 from $54 at RBC Capital

RBC Capital analyst Gerard Cassidy lowered the firm’s price target on Truist Financial to $46 from $54 after its Q1 earnings miss but keeps an Outperform rating on the shares. Expense growth and net interest margin pressures driven by higher deposit costs weighed on first quarter results, but Truist’s capital levels remain strong with a CET1 ratio of 9.1% and the outlook for its credit quality remains healthy, the analyst tells investors in a research note.