The Wall Street firm said Truist shares can jump 60% after their recent drop.
Truist Financial shares can jump 60% after their recent drop, according to Citi. Analyst Keith Horowitz upgraded the bank stock to buy from neutral, saying investors are wrong about the deposit outlook at Truist. "The TFC bear case is all about high HTM [held-to-maturity] losses relative to equity and we believe this thesis is flawed.
Truist shares are down 25% in 2023, and tumbled more than 17% and 16% this and last week, respectively, as investors feared the risk of contagion following the failure of Silicon Valley Bank. The analyst's $52 price target implies shares can jump 63% from Tuesday's closing price of $31.88. The stock is down 2% in the Wednesday premarket. The analyst said that Truist will not be forced to sell securities to stay afloat.
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