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Fly News Breaks for November 20, 2019
Nov 20, 2019 | 08:57 EDT
Janney Montgomery Scott analyst Christopher Marinac downgraded SunTrust (STI) to Neutral from Buy to match his rating on BB&T (BBT) after the latter's acquisition of the former was approved by the Federal Reserve. The merger is set to close on December 6. On BB&T, Marinac said he expects share repurchases to resume post-merger, that he sees a slight net interest margin reduction on a pro-forma basis following the merger and that he sees his fair value estimate of $58.00 for BB&T shares as supportive of a Neutral rating.
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