Truist Financial upgraded to Outperform from Neutral at Baird

Baird analyst David George upgraded Truist Financial (TFC) to Outperform from Neutral with a price target of $52, up from $48. Yesterday’s selloff provides the opportunity to add some bank names, particularly in the super regional group, the analyst tells investors in a research note. The firm believes the recent weakness in the bank group has improved the aggregate risk/reward of the group, driving its upgrade of Truist. The bank’s shares have limited downside at “just” 1.45-times tangible book value and a 4.5% dividend yield, with “healthy” capital levels and rate positioning, contends Baird.