Huntington Bancshares Underperforming Relative To Peers, Analyst Downgrades Stock
Portfolio Pulse from Nabaparna Bhattacharya
Piper Sandler analyst R. Scott Siefers downgraded Huntington Bancshares (NASDAQ:HBAN) to Underweight from Neutral, lowering the price target to $11.5. The downgrade is due to increased expenses, a less robust net interest income trajectory, and a reduced loan growth outlook for fiscal year 2024. The analyst also lowered the earnings per share estimates for 2024 and 2025.
June 14, 2024 | 6:22 pm
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Piper Sandler downgraded Huntington Bancshares to Underweight, citing increased expenses, a less robust net interest income trajectory, and a reduced loan growth outlook for fiscal year 2024. The price target was lowered to $11.5, and earnings per share estimates for 2024 and 2025 were also reduced.
The downgrade by Piper Sandler, along with the reduction in price target and earnings per share estimates, indicates a negative outlook for Huntington Bancshares. Increased expenses and a less robust net interest income trajectory further support the expectation of underperformance relative to peers.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100