Citigroup has upgraded financial holding company, BB&T Corporation(BBT) to a “Buy” Monday.
The firm announced that they have upgraded BBT from “Neutral” to a “Buy,” and have set a price target of $35. This price target suggests a 14.9% increase over the stock’s current price of $29.78, and a 1.7% increase over the stock’s YTD price of $34.39.
The upgrade was due to increased transparency on purchase accounting.
BB&T Corporation shares were down 32 cents, or -1.07% during premarket trading Monday.
The Bottom Line
Shares of BB&T Corporation (BBT) have a 2.09% dividend yield, based on last night’s closing stock price of $29.78. The stock has technical support in the $26-$28 price area. If the shares can firm up, we see overhead resistance around the $32-$34 price levels.
BB&T Corporation(BBT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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