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Fly News Breaks for November 11, 2019
BBT, STI
Nov 11, 2019 | 07:22 EDT
As previously reported, Janney Montgomery Scott analyst Christopher Marinac downgraded BB&T (BBT) to Neutral from Buy. He believes Friday's announcement that First Horizon Bank (FHN) has entered into an agreement to acquire 30 branches from SunTrust Bank (STI) signals regulatory approval in Q4 and that the BB&T-SunTrust merger will close by year-end, which he calls "a positive development long that we think investors were beginning to question." However, with the merger soon closing he thinks the stock premium for BB&T "might flatten," Marinac tells investors in a research note. He raised his fair value estimate for BB&T shares to $58.00 from $57.50, but said the level of upside expectation is lower than what would warrant a Buy rating on the stock.
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