Truist Financial upgraded to Buy from Neutral at Citi

Citi analyst Keith Horowitz upgraded Truist Financial to Buy from Neutral with an unchanged price target of $52. The bear thesis is all about high held to maturity losses relative to the equity, but this "flawed," the analyst tells investors in a research note. The firm believes Truist’s deposit outlook is "fine," meaning that securities can be held to maturity at par without realizing losses. Citi sees an attractive entry point in Truist following the recent selloff. The primary risk to the upgrade is depositor behavior given market reactions, which could induce deposit flight, "but we view this as relatively unlikely," the firm writes.