Jefferies analyst Ken Usdin upgraded Truist Financial to Buy from Hold with a price target of $52, up from $46. With bank stocks facing "another year of uncertainty," Usdin is shaking up his ratings, telling investors that he prefers Truist among the super-regionals. On the revenue side for the group, his NII estimates are below the Street for 2023 and 2024, noted Usdin, who thinks on the credit side that provision pull-forwards will weigh on 2023 EPS, but will help earnings in 2024.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on TFC:
- Truist downgraded to Hold with $48 target at Deutsche Bank
- Truist Financial downgraded to Hold from Buy at Deutsche Bank
- BofA downgrades PNC Financial to Underperform, says EPS defensibility priced in
- Citi opens ‘negative 30-day catalyst watch’ on Truist Financial
- Truist Financial raises prime rate to 7.5% from 7%