Citi analyst Benjamin Gerlinger downgraded Truist Financial from Buy to Neutral and lowered the price target from $63 to $54, citing uncertainty around the upcoming leadership change. Michael P. Lyons is set to become president and CEO on September 1, and Citi does not expect positive earnings revisions or multiple re-ratings until investors gain clarity on the long-term outlook. The new target still implies a 6% upside from current levels ahead of the company's second-quarter earnings report on July 17. Truist recently raised its 2026 net interest income growth guidance to 2% to 3% and expects full-year GAAP noninterest expense to increase about 1.75%.
Truist Financial CorpCiti downgraded Truist from Buy to Neutral and cut price target from $63 to $54, citing uncertainty around leadership change.