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Fly News Breaks for September 13, 2019
Sep 13, 2019 | 07:38 EDT
DA Davidson analyst Kevin Reevey downgraded Huntington Bancshares to Neutral with an unchanged price target of $16, saying that after a 22.9% rise in its stock price year-to-date and 32% from its 52-week low, the stock is now trading at 9.5% premium to its peers with an earnings multiple of 10.5-times his expected FY20 earnings. The analyst notes that the bank's balance sheet is well positioned for a lower interest rate environment and its capital return story remains "solidly intact", but he sees the recent run-up in the stock price creating a profit taking opportunity.
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