Stephens Co. upgrades Huntington Bancshares to overweight

Stephens Co. analyst Terry McEvoy on Monday upgraded Huntington Bancshares Inc.

to overweight from equal-weight and raised the lender’s price target by $1 to $17 a share. McEvoy cited a boost to the bank from its $22 billion acquisition of TCF Bank, which closed in July. “Over the next 18 months, we see outsized loan growth opportunities within legacy TCF businesses (inventory finance) and Huntington’s auto floor plan business,” McEvoy said. “Incremental revenue synergies from the deal should become more visible. Huntington introduced consumer-friendly deposit products over a decade ago that created a loyal customer base which, combined with differentiated digital services, should generate above-peer deposit growth and lower deposit betas as rates rise, in our view.” Shares of Huntington Bancshares are down 10.8% so far in 2022, compared to a drop of 10.4% by the S&P 500