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STI

SunTrust

$64.72

5.98 (10.18%)

, BBT

BB&T

$50.44

1.91 (3.94%)

09:20
02/08/19
02/08
09:20
02/08/19
09:20

Odeon's Bove says buy SunTrust, Midwest banks after deal announcement

Odeon analyst Dick Bove recommends investors buy shares of SunTrust (STI) following the company's announcement of an agreement to merge with BB&T (BBT), stating that the deal is expected to be accretive by 2021, but likely to be dilutive before this time. He also thinks investors should consider buying a group of Midwestern banks, as the deal puts "significant pressure" on those banks to merge. Banks such as Fifth Third (FITB) and KeyCorp (KEY) "need to join forces," while PNC (PNC) and U.S. Bancorp (USB) "need to buy more scale," Bove stated in his research note.

STI

SunTrust

$64.72

5.98 (10.18%)

BBT

BB&T

$50.44

1.91 (3.94%)

FITB

Fifth Third

$26.78

0.08 (0.30%)

KEY

KeyCorp

$17.08

0.59 (3.58%)

PNC

PNC Financial

$122.83

0.18 (0.15%)

USB

U.S. Bancorp

$50.91

-0.53 (-1.03%)

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    Oct

STI SunTrust
$64.72

5.98 (10.18%)

02/08/19
02/08/19
DOWNGRADE

Hold
SunTrust downgraded to Hold after merger announcement at Sandler O'Neill
As previously reported, Sandler O'Neill analyst Stephen Scouten downgraded SunTrust (STI) to Hold from Buy following the company's announcement of a merger of equals with BB&T (BBT). He adjusted his price target on SunTrust shares to $69 based on his current price target of $53 for B&BT shares.
02/08/19
KBWI
02/08/19
DOWNGRADE
Target $72.5
KBWI
Market Perform
SunTrust downgraded to Market Perform from Outperform at Keefe Bruyette
Keefe Bruyette analyst Brian Klock downgraded SunTrust (STI) to Market Perform and raised his price target for the shares to $72.50 from $70 following the company's merger of equals with BB&T (BBT). The analyst aligned SunTrust's rating with his firm's Market Perform rating on BB&T.
02/08/19
02/08/19
UPGRADE
Target $57

Buy
BB&T upgraded to Buy from Underperform at BofA/Merrill
BofA Merrill Lynch analyst Erika Najarian upgraded BB&T (BBT) two notches, to Buy from Underperform, following the bank's "transformative" deal with SunTrust (STI), stating that she believes the combined institution should pose a strong competitive threat, in both retail and wholesale, to big banks within their combined footprint. The combined bank should have a dominant, concentrated presence down the Mid-Atlantic coast and "into the most vibrant parts of the Southeast," said Najarian, who raised her price target on BB&T shares to $57 from $49.
02/08/19
BERN
02/08/19
DOWNGRADE
BERN
Market Perform
SunTrust downgraded to Market Perform from Outperform at Bernstein
Bernstein analyst John McDonald downgraded SunTrust (STI) to Market Perform following the announcement that the bank will merge with BB&T (BBT), telling investors in a research note that key assumptions of the deal feel "achievable" with cost savings projected at 12.3% of the combined entity's expense base.
BBT BB&T
$50.44

1.91 (3.94%)

FITB Fifth Third
$26.78

0.08 (0.30%)

01/09/19
SBSH
01/09/19
UPGRADE
SBSH
Buy
Fifth Third upgraded to Buy from Neutral at Citi
Citi analyst Keith Horowitz upgraded Fifth Third Bancorp to Buy. The analyst believes the company offers one of the most attractive tactical buying opportunities given its current "dislocated" valuation.
12/20/18
SPHN
12/20/18
UPGRADE
Target $27
SPHN
Overweight
Fifth Third upgraded to Overweight from Equal Weight at Stephens
Stephens analyst Terry McEvoy upgraded Fifth Third Bancorp to Overweight with a $27 price target. The analyst believes the company is positioned to outperform in 2019. With improving returns on assets, Fifth Third can close its price-to-earnings multiple gap over the next 12 months, McEvoy tells investors in a research note. Further, he believes the company recently reaffirming its 2019 outlook and offering a "firm message" on future expenses was a "step in the right direction."
10/31/18
RAJA
10/31/18
UPGRADE
Target $30
RAJA
Outperform
Fifth Third upgraded to Outperform on valuation at Raymond James
As previously reported, Raymond James upgraded Fifth Third to Outperform from Market Perform and established a $30 price target. Analyst David Long believes Fifth Third fundamentals are attractive given expanding NIM, a loan-to-deposit ratio below 90%, buybacks, and a valuation at one of the lowest core deposit premiums under coverage.
10/31/18
RAJA
10/31/18
UPGRADE
RAJA
Outperform
Fifth Third upgraded to Outperform from Market Perform at Raymond James
KEY KeyCorp
$17.08

0.59 (3.58%)

02/04/19
WEDB
02/04/19
DOWNGRADE
Target $18
WEDB
Neutral
KeyCorp downgraded to Neutral on valuation, earnings inconsistency at Wedbush
As previously reported, Wedbush analyst Peter Winter downgraded KeyCorp to Neutral from Outperform, with a $18 price target, based on valuation and ongoing inconsistency in earnings, making it harder for it to close its valuation discount to peers despite above average profitability metrics. Given this trend of inconsistent earnings, in the event of an economic downturn, the analyst would not view KeyCorp as a flight to quality bank.
02/04/19
WEDB
02/04/19
DOWNGRADE
WEDB
Neutral
KeyCorp downgraded to Neutral from Outperform at Wedbush
01/18/19
BMOC
01/18/19
DOWNGRADE
BMOC
Market Perform
KeyCorp downgraded to Market Perform from Outperform at BMO Capital
01/18/19
BMOC
01/18/19
DOWNGRADE
Target $17
BMOC
Market Perform
KeyCorp downgraded to Market Perform from Outperform at BMO Capital
BMO Capital analyst Lana Chan downgraded KeyCorp to Market Perform and lowered her price target to $17 from $19. The analyst cites her diminished confidence that KeyCorp can meet its efficiency goals while also noting the "anticipated dilution from the pending acquisition of Laurel Bank's digital lending platform and softer loan growth expectation". Chan adds that she is concerned about KeyCorp becoming a "value story without a better catalyst."
PNC PNC Financial
$122.83

0.18 (0.15%)

01/25/19
DBAB
01/25/19
DOWNGRADE
Target $53
DBAB
Hold
Deutsche gets more selective on banks, downgrades BB&T and PNC
Deutsche Bank analyst Matt O'Connor downgraded both BB&T (BBT) and PNC Financial (PNC) to Hold from Buy. The analyst lowered his price target for BB&T to $53 from $58 and for PNC to $135 from $161. Bank stocks have rallied 20% off the December 24 lows, outperforming the S&P 500 Index by 800 basis points, O'Connor tells investors in a research note. The analyst still sees upside to banks overall, but has become more selective.
01/25/19
DBAB
01/25/19
DOWNGRADE
DBAB
Hold
PNC Financial downgraded to Hold from Buy at Deutsche Bank
01/17/19
RBCM
01/17/19
NO CHANGE
Target $150
RBCM
Top Pick
PNC Financial price target lowered to $150 from $155 at RBC Capital
RBC Capital analyst Gerard Cassidy lowered his price target on PNC Financial to $150, saying its Q4 results were weaker than expected as fee based revenues tracked below expectations and credit costs were "elevated". The analyst keeps his Top Pick rating on the shares however, anticipating PNC Financial to deliver average loan growth of 3%-4% this year with positive operating leverage. Cassidy adds that the bank is "well positioned for rising interest rates" with its balance sheet more tethered to the short end of the Treasury yield curve, along with continued focus on reducing operating expenses and high levels of recurring revenues.
01/10/19
BOFA
01/10/19
DOWNGRADE
BOFA
Neutral
PNC Financial downgraded to Neutral on fee outlook at BofA/Merrill
As previously reported, BofA/Merrill downgraded PNC Financial to Neutral from Buy and cut its price target to $127. Analyst Erika Najarian said PNC's asset management revenues, which account for 30% of fees, pose a risk to near-term outlook. Further, PNC's ownership in Blackrock provides 50% of its asset management revenues, and if Blackrock revenues miss due to weak Q4 markets, there is no offset to the impact in expenses.
USB U.S. Bancorp
$50.91

-0.53 (-1.03%)

01/28/19
01/28/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Autohome (ATHM) downgraded to Underweight from Neutral at JPMorgan with analyst Binbin Ding saying he expects the company to see weakened pricing power amid a "challenging" market environment. 2. Vale (VALE) downgraded to Hold from Buy at HSBC and Jefferies, to Neutral from Outperform at Macquarie, and to Market Perform from Outperform at BMO Capital. 3. Amgen (AMGN) downgraded to In Line from Outperform at Evercore ISI with analyst Umer Raffat citing increased biosimilar competition and an imminent court decision on Enbrel patents with Sandoz. 4. Dynagas LNG (DLNG) downgraded to Neutral from Buy at B. Riley FBR with analyst Liam Burke saying the company "significantly" reduced its cash distribution in order to strengthen its balance sheet. 5. SunTrust (STI) and U.S. Bancorp (USB) were downgraded to Neutral from Outperform at Baird. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/28/19
BARD
01/28/19
DOWNGRADE
Target $55
BARD
U.S. Bancorp downgraded to Neutral following recent rally at Baird
As reported previously, Baird analyst David George downgraded U.S. Bancorp to Neutral from Outperform. The analyst cited its recent rally and outperformance of the banking index relative to the market. He said the risk/reward is now more balanced and noted that the stock trades at a slight premium to peers. George maintained his $55 price target on U.S. Bancorp shares.
01/28/19
BARD
01/28/19
DOWNGRADE
BARD
Neutral
U.S. Bancorp downgraded to Neutral from Outperform at Baird
01/25/19
OPCO
01/25/19
NO CHANGE
OPCO
Outperform
Bank stocks still 'resoundingly cheap,' says Oppenheimer
Oppenheimer analyst Chris Kotowski told investors in a research note that one reason he is so "incessantly bullish" on bank stocks is that investors "still so incessantly hate them." The stocks still remain resoundingly cheap at a 63% relative P/E multiple even though bank balance sheets are arguably the best they have ever been, and the business models decidedly less capital-intensive, he contends. He continues to recommend Outperform-rated Bank of America (BAC), CIT (CIT), Citi (C), Goldman (GS), Jefferies (JEF), Morgan Stanley (MS) and U.S. Bancorp (USB).

TODAY'S FREE FLY STORIES

BHVN

Biohaven Pharmaceutical

$44.16

-0.61 (-1.36%)

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CE

Celanese

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F

Ford

$10.20

-0.06 (-0.58%)

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RTN

Raytheon

$178.55

2.45 (1.39%)

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UTX

United Technologies

$132.37

1.08 (0.82%)

17:44
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  • 23

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LMT

Lockheed Martin

$356.90

0.675 (0.19%)

17:40
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  • 23

    Jul

ARES

Ares Management

$28.13

-0.305 (-1.07%)

17:33
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Breaking Syndicate news story on Ares Management »

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HAFC

Hanmi Financial

$21.68

-0.105 (-0.48%)

17:33
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  • 23

    Jul

PAYS

Paysign

$17.49

-0.48 (-2.67%)

17:32
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MEOH

Methanex

$43.19

0.83 (1.96%)

17:28
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Methanex reaches final investment decision on methanol plant in Geismar, LA »

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  • 01

    Aug

17:17
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Conference/Events
Credit Suisse biotech analysts to hold an analyst/industry conference call »

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SHIP

Seanergy Marine

$0.64

-0.0425 (-6.25%)

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SONM

Sonim

$13.42

0.24 (1.82%)

16:41
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16:41
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Conference/Events
Sonim management to meet with Oppenheimer »

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KINS

Kingstone Companies

$8.81

0.09 (1.03%)

16:30
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Kingstone names Barry Goldstein CEO »

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  • 07

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Options
Preliminary option volume of 22.6M today »

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BA

Boeing

$377.34

16.17 (4.48%)

, MSFT

Microsoft

$136.62

0.33 (0.24%)

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BA

Boeing

$377.34

16.17 (4.48%)

MSFT

Microsoft

$136.62

0.33 (0.24%)

AMZN

Amazon.com

$1,964.78

-13.57 (-0.69%)

AAPL

Apple

$202.62

-3.02 (-1.47%)

WMT

Walmart

$113.91

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DIS

Disney

$139.86

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GCI

Gannett

$9.43

1.53 (19.37%)

CRWD

Crowdstrike

$83.50

10.75 (14.78%)

SKX

Skechers

$39.00

4.25 (12.23%)

PACB

Pacific Biosciences

$5.34

-0.53 (-9.03%)

ILMN

Illumina

$293.10

-5.44 (-1.82%)

CHWY

Chewy

$30.70

-2.09 (-6.37%)

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VIX

Volatility Index S&P 500 Options

$0.00

(0.00%)

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

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NASDAQ market internals summary »

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BCBP

BCB Bancorp

$12.71

-0.09 (-0.70%)

16:17
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Earnings
BCB Bancorp reports Q2 EPS 30c, consensus 30c »

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$NYE

NYSE Market Internals

$0.00

(0.00%)

16:16
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NYSE market internals summary »

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CNXM

CNX Midstream Partners

$14.30

-0.205 (-1.41%)

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  • 30

    Jul

TELL

Tellurian

$7.25

0.22 (3.13%)

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16:15
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General news
Breaking General news story  »

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ROKU

Roku

$106.83

-2.18 (-2.00%)

16:13
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Conference/Events
Roku management to meet with Oppenheimer »

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  • 22

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