As previously reported, Morgan Stanley analyst Betsy Graseck downgraded SunTrust (STI) to Equal Weight from Overweight as she believes it to be prudent to "take some chips off the table" following the year-to-date outperformance driven by news of its merger of equals with BB&T (BBT). The focus of investors will shift from the merger to execution and while she thinks the $1.6B in cost savings seem attainable at 12% of the combined company's expenses, she also expects it will take two years before net expense savings convincingly accelerate, she tells investors. She lowered her price target on SunTrust shares to $73 from $80 and lowered her price target on BB&T shares to $56 from $62.