Evercore ISI raised the firm’s price target on Truist Financial to $33 from $31 and keeps an In Line rating on the shares. After having recently hosted investor meetings with Truist Financial in Boston, the analyst came away confident that Truist is prudently weighing options for the remaining 80% stake in TIH as the bank is being cautious not to mis-calculate rate dynamics nor adversely impact the return profile of the bank. The firm views Truist’s “modest premium valuation” as fair at this time and makes no change to the EPS outlook, but is “modestly” increasing its price target to reflect higher sector valuations.
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