Flagstar Bank upgraded to Buy from Hold at Truist

Truist upgraded Flagstar Bank (FLG) to Buy from Hold with a price target of $17, up from $13.50. Flagstar has made substantial progress shoring up its balance sheet and laying the groundwork to transition its business model to a more traditional commercial bank, says the analyst. C&I growth ambitions are “no sure thing,” but even if not achieved that creates more dry powder for share buybacks when they presumably resume later this year, the analyst added.