Huntington Bancshares (HBAN – Research Report), the Financial sector company, was revisited by a Wall Street analyst today. Analyst Ryan Nash from Goldman Sachs maintained a Buy rating on the stock and has a $20.00 price target.
Ryan Nash has given his Buy rating due to a combination of factors that highlight Huntington Bancshares’ growth potential and strategic initiatives. The company is poised for top-line growth in the coming years, with expectations of around 7% driven by both commercial and consumer sectors. This growth is supported by their expansion into new markets like the Carolinas and Texas, as well as leveraging opportunities in existing regions.
Moreover, Huntington Bancshares is targeting a 16-17% return on tangible common equity by the end of 2027, with an anticipated increase beyond that period as investments begin to yield results. The bank’s near-term net interest income guidance appears conservative, and fee income is expected to benefit from favorable market trends. Additionally, the company’s shares are trading at a valuation that suggests room for upside, given its strong execution and growth prospects. These factors collectively justify a premium on the stock, supporting Nash’s Buy recommendation.
According to TipRanks, Nash is a 5-star analyst with an average return of 11.3% and a 63.74% success rate. Nash covers the Financial sector, focusing on stocks such as Synchrony Financial, American Express, and Comerica.
In another report released on February 20, Morgan Stanley also maintained a Buy rating on the stock with a $22.00 price target.