Truist Financial price target lowered to $33 from $37 at Stephens

Stephens analyst Terry McEvoy lowered the firm’s price target on Truist Financial to $33 from $37 and keeps an Equal Weight rating on the shares. Following reports of a potential sale of the remaining 80% of Truist Insurance, TIH, the focus on the company’s Q3 earnings was a mix of fundamental outlook and evaluating the prospect of the company operating as a stand-alone company, the analyst tells investors. While balance sheet optimizations have been successful in terms of accretive to NIM and capital, it will also result in net interest income not bottoming out until mid-2024.