Rochester, NY 8/20/2009 9:54:51 PM
SunTrust Banks, Inc. , STI - SunTrust Profit 2011
SunTrust Banks, Inc.
SunTrust Banks Inc. to post an annual profit until 2011 also lowered his earnings estimates for the regional bank. However, in a message to investors, the Rochdale Securities analyst increased his target price on the stock by $3 to $18 to reflect "a change in market perceptions of the value of banking companies.
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The value of SunTrust's shares has more than tripled from a low of $6 in February, Bove said, because investors are no longer afraid that banks will have to be taken over by the government as the financial crisis eases.On Tuesday, SunTrust shares rose 43 cents, or 2.1 percent, to $20.50 in afternoon trading amid an up tick in the broader market. Financial stocks also gained.
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