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Credit Suisse Group initiates coverage of Truist

Initiation

Credit Suisse Group analysts initiated coverage of Charlotte, N.C.-based Truist Financial Corp. following the completion of BB&T and SunTrust's merger of equals.

While the MOE makes financial and strategic sense, the bar is set high with the company's shares up about 30%, the analysts wrote.

The analysts initiated coverage of the company with a "neutral" rating and a price target of $55. Their EPS estimates are $3.85 for 2020 and $4.60 for 2021.

Downgrade

Hovde Group analyst Kevin Swanson downgraded Blairsville, Ga.-based United Community Banks Inc. due to stock outperformance.

The company's shares are up about 45% year-to-date and have outperformed the KRE index by about 20%, according to Swanson. Due to this outperformance, valuation looks less compelling, the analyst wrote.

The analyst downgraded the company's stock rating to "market perform" from "outperform" and lowered the price target to $33 from $34.50. His EPS estimates are $2.37 for 2019 and $2.31 for 2020.