Wells Fargo downgraded Truist Financial (TFC) to Equal Weight from Overweight with an unchanged $47 price target after its announced 5-year strategic plan that contains “new new metrics”. The company is lagging its numerous peers with this announcement after years of share loss and weak JD Power rankings, the analyst tells investors in a research note. Investors have also waited long enough to not be given another 5-year plan that involves many strategies that look like peers from years ago, the firm added.
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