Keefe Bruyette downgraded Truist Financial (TFC) to Market Perform from Outperform with a price target of $48, up from $47, following a transfer of coverage. The firm is bullish on the long-term structural benefits of scale for the large-cap banks. It prefers business models that can produce leading returns with high degrees of predictability. Keefe sees a balanced risk/reward and less favorable business mix for Truist.
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