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Janney steps to the sidelines on BB&T ahead of merger

Nov. 11, 2019 10:42 AM ETTruist Financial Corporation (TFC) StockTFCBy: Liz Kiesche, SA News Editor
  • BB&T (NYSE:BBTslips 0.8% after Janney analyst Christopher Marinac downgrades the stock to neutral from buy, citing potential for share premium to flatten with the pending merger with SunTrust.
  • Marinac sees the merger closing by year-end given the recently announced sale of 30 branches to First Horizon National to address antitrust concerns.
  • Sees higher stock prices for share repurchases and a slight NIM reduction on pro-forma quarters with STI merger.
  • Price target of $58; implies 5.6% upside potential vs. Friday's close.
  • Quant rating is Neutral; before this action, Sell-Side average rating was already Bullish (8 Very Bullish, 2 Bullish, 14 Neutral).

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