Suntrust Bank Stock Upgraded STI
On June - 9 - 2010
The recent decline for shares of SunTrust Banks Inc. has made the stock more affordable, said an analyst who upgraded his rating of the Atlanta-based bank on Tuesday.
THE OPINION: Stifel Nicolaus analyst Christopher Mutascio noted SunTrust shares were down 23 percent from a recent peak in mid-May, bigger than the pullback of 17 percent to 18 percent for indexes of comparable bank stocks. He upgraded the stock to “Hold” from “Sell,” citing “the recent and significant share price weakness.” Mutascio, who had cut his rating of the stock on Jan. 25, noted Stifel Nicolaus no longer has any “Sell” ratings for the large-cap bank stocks that the firm covers.
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