HSBC upgraded Truist Financial (TFC) to Buy from Hold with a price target of $50, up from $47. Shares have underperformed materially since 2020 and the firm expects the underperformance to end in 2025, the analyst tells investors. The company made progress in 2024 – improving the cost structure, building a capital cushion, and improving the net interest income trajectory- which the firm sees setting the stage for double-digit EPS growth and “material ROE/ROTCE expansion” in 2025 and 2026, the analyst added.
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