Tiger Brokers

BUZZ-Truist Financial dips after first-quarter results, PT cuts

Reuters
Apr 21
BUZZ-Truist Financial dips after first-quarter results, PT cuts

** Truist Financial shares TFC.N down 1.9% at $35.21 after brokerages cut target price following bank's first-quarter results

** Co posts adj. EPS of 87 cents, matching analysts' expectation but lower than last year's 91 cents

** Piper Sandler cuts PT to $41 from $45 to reflect lower bank equity valuations, citing uncertain macroeconomic backdrop and flatter capital market expectations

** Brokerage says 3% YOY net interest income growth expectation seems reasonable; investment banking could be a "wildcard"

** Barclays cuts PT to $47 to $51, KBW lowers to $47 from $53, RBC cuts to $45 from $50

** 10 of 22 brokerages rate the stock "buy" or higher, 12 "hold"; median PT is $46.77 - data compiled by LSEG

** Up to last close, TFC down 17.2% YTD

(Reporting by Twesha Dikshit)

((Twesha.Dikshit@thomsonreuters.com))

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