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Argus Research upgrades SunTrust to 'buy'

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Argus Research upgrades SunTrust to 'buy'

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Stephen Biggar of Argus Research upgraded Atlanta-based SunTrust Banks Inc.'s stock rating to "buy" from "hold" and set the price target of $75.

Biggar raised SunTrust's EPS estimates to $5.34 from $5.21 for 2018, and to $5.76 from $5.61 for 2019.

The analyst attributed the upgrade to the results of SunTrust's Comprehensive Capital Analysis and Review, which are allowing for better capital returns than the analyst expected.

"SunTrust has positioned its balance sheet to be asset-sensitive over the next two years, though less so than other regional banks, as it expects interest rate increases to be gradual," wrote Biggar.