Argus analyst Kevin Heal started Huntington Bancshares with a Hold rating after its Q1 results, saying the company saw a 10% increase in earnings and also noting its "strong balance sheet and a commitment to dividend hikes and stock buybacks." The analyst notes however that the bank could see pressure from rising technology costs and that its net interest margins may turn flat given the pause in interest rate tightening by the Fed. Heal adds that the 9.8-times forward earnings valuation on the stock is below the average for regional banking peers but reflects Huntington's prospects for slower near term growth in its core geography.

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Sees FY24 average loans up 3%-5%. Sees FY24 average deposits up 2%-4%. Sees FY24 noninterest income up 5%-7%. Sees FY24 noninterest expense up 4.5%. Sees FY24 net charge-offs 25-35 basis points. Sees FY24 effective tax rate 19%. Says believes there will eventually be rate cuts. Sees Q1 as trough for net interest income. Comments and guidance taken from Q1 earnings conference call.