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Wednesday, 03/15/2023 8:37:13 AM

Wednesday, March 15, 2023 8:37:13 AM

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Citi upgrades Truist to buy because bear case seems 'flawed'
7:26 am ET March 15, 2023 (MarketWatch)

Citi analyst Keith Horowitz on Wednesday upgraded Truist Financial Corp. (TFC) to buy despite headwinds in the market on earnings challenges and potential regulatory action. Horowitz said Truist stock now offers an attractive entry point after a 27% loss in the last five days. "The primary risk to our thesis is depositor behavior given market reactions, which could induce deposit flight, but we view this as relatively unlikely," he said. "The TFC bear case is all about high held-to-maturity (HTM) losses relative to equity and we believe this thesis is flawed." He said Truist is a "fundamentally different bank" than now-defunct Silicon Valley Bank. Truist stock is down 2.6% in premarket trades as jitters around Credit Suisse (CSGN.EB) and bank solvency weighed on bank stocks.

-Steve Gelsi

Truist Financial Raised to Buy From Neutral by Citigroup target $52
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