Wells Fargo Sticks to Its Buy Rating for Truist Financial (TFC)

In a report released yesterday, Mike Mayo from Wells Fargo maintained a Buy rating on Truist Financial (TFC – Research Report), with a price target of $45.00. The company’s shares closed yesterday at $40.18.

Mayo covers the Financial sector, focusing on stocks such as Citigroup, JPMorgan Chase & Co., and Bank of America. According to TipRanks, Mayo has an average return of 13.0% and a 67.92% success rate on recommended stocks.

Truist Financial has an analyst consensus of Moderate Buy, with a price target consensus of $43.11, representing a 7.29% upside. In a report released on May 13, Compass Point also maintained a Buy rating on the stock with a $43.00 price target.

Based on Truist Financial’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $8.48 billion and a GAAP net loss of $5.27 billion. In comparison, last year the company earned a revenue of $8.95 billion and had a net profit of $1.52 billion

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Truist Financial (TFC) Company Description:

Truist Financial Corporation was formed in December 2019 following the merger of BB&T and SunTrust banks. It is the sixth largest commercial bank in the United States. The firm has three operating business segments: Consumer Banking and Wealth (CB&W), Corporate and Commercial Banking (C&CB) and Insurance Holdings (IH). The CB&W unit offers retail community banking, wealth, mortgage banking and dealer retail services. Under the C&CB division, it provides services such as corporate, investment and commercial community banking. The IH segment offers property and casualty insurance, life insurance surety coverage, employee benefits, title insurance, commercial and retail insurance premium finance.