Huntington Bancshares Gets Bullish Upgrade, Analyst Forecasts Accelerated Growth Despite Rate Worries
Portfolio Pulse from Lekha Gupta
Huntington Bancshares Incorporated (NASDAQ:HBAN) received a bullish upgrade from BofA Securities analyst Ebrahim H. Poonawala, who raised the stock to Buy from Neutral and increased the price target to $16 from $14. The upgrade is based on the company's strong positioning to navigate various macroeconomic outcomes, expected acceleration in revenue growth into 2025, and potential for net interest income to remain flat in FY24. The analyst also revised EPS estimates upwards for FY24-FY26 due to higher NII. HBAN shares are up 2.83% at $13.98. Investors can also gain exposure through IShares U.S. Regional Banks ETF (NYSE:IAT) and SPDR S&P Regional Banking ETF (NYSE:KRE).
April 08, 2024 | 5:46 pm
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POSITIVE IMPACT
Huntington Bancshares upgraded to Buy from Neutral by BofA Securities with a price target increase to $16 from $14, indicating strong growth prospects and a positive outlook on net interest income.
The upgrade by BofA Securities reflects a strong confidence in Huntington Bancshares' ability to navigate economic conditions and achieve accelerated growth, which is likely to positively impact the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
IShares U.S. Regional Banks ETF (IAT) offers exposure to Huntington Bancshares, which received a bullish upgrade, potentially benefiting the ETF.
Given IAT's exposure to Huntington Bancshares, the bullish upgrade and positive outlook for HBAN could indirectly benefit IAT's performance in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
SPDR S&P Regional Banking ETF (KRE) includes Huntington Bancshares in its holdings, potentially gaining from the company's recent upgrade and positive growth outlook.
KRE, having Huntington Bancshares within its portfolio, may see positive effects from the company's bullish upgrade and optimistic growth projections, influencing KRE's short-term performance.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50