Truist Financial price target raised to $46 from $45 at RBC Capital

RBC Capital analyst Gerard Cassidy raised the firm’s price target on Truist Financial (TFC) to $46 from $45 and keeps an Outperform rating on the shares. The company’s “solid” core Q3 earnings beat reflects its diversified business model, along with having one of the best positioned banking franchises, the analyst tells investors in a research note. The sale of Truist Insurance Holdings in Q2 strengthened Truist’s capital position, which allowed the company to execute a bond portfolio restructuring and announce a $5.0B stock repurchase program, the firm added.