Shares of Truist Financial Corp (NYSE:TFC) continued to rise in early trading on Monday, after the company on Friday reported strong first-quarter results.
The company reported its quarterly results largely ahead of expectations and management’s new long-term target reflects confidence in the durability of the company’s profitability improvement, according to RBC Capital Markets.
The Truist Financial Analyst: Analyst Gerard Cassidy maintained an Outperform rating, while raising the price target from $51 to $53.
The Truist Financial Thesis: The company reported strong earnings and profitability in the first quarter, Cassidy said in the note.
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Truist Financial’s net income grew by 25% year-on-year and 9% sequentially to $1.4 billion, or $1.09 per diluted share, beating consensus estimates by 9%, the analyst stated. He added that the company’s core profitability metrics “improved meaningfully,” with:
- ROTCE (return on tangible common equity) up …