Truist Financial Corporation (NYSE:TFC) reported its Q3 result, with EPS of $1.24 coming in better than the Street estimate of $1.20. Revenue was $5.85 billion, compared to the Street estimate of $5.94 billion.
RBC Capital analysts provided their views on the company following the results and lowered their price target to $60 from $70 while reiterating the Outperform rating.
According to the analysts, the company’s diversified business model, along with having one of the best-positioned banking franchises in the U.S., continues to deliver strong results for shareholders.
After much hard work, the company’s management team is approaching lift-off where it will be able to devote 100% of its focus and time to growing the bank and delivering long-term value for its shareholders.
Beginning in 2023, the company will be able to go on the “offensive” which the analysts expect will lead to good growth with cleaner results. Additionally, the analysts noted that the company’s over 20% ROTCE target should be attainable on a consistent basis.