Banks Surge as Truist Goes Bullish

Truist Securities swept through the US financial sector on Friday with a flurry of upgrades and boosted price targets.

WFC received a fresh Buy rating from analyst John McDonald. The target jumped to $94 from $90. McDonald also upgraded BAC to Buy with a $64 target, up from $61. Both banks carry modest short interest below 2% of free float. That leaves little pressure from bearish bets.

Truist analyst David Smith raised targets on two custody banks. STT got a new $176 price target, up sharply from $150. NTRS rose to $186 from $176.

Retail gets a pop. Jefferies analyst Corey Tarlowe upgraded TGT to Buy with a $161 target. That is up from $140. Short interest sits at just 4.3% of free float. The stock's market cap stands near $63bn.

Defence hit. Jefferies cut NOC to Hold from Buy. The target fell to $580 from $620. Analyst Sheila Kahyaoglu trimmed estimates amid uncertainty over Pentagon budget timelines.

AMAT also drew attention. The consensus target rose to $552 from $532, the highest among semiconductor equipment peers covered this session.