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NEW YORK, July 31 (newratings.com) - Analyst Richard X Bove of Punk Ziegel & Co maintains his "market perform" rating on SunTrust (STI.NYS), while reducing his estimates for the company. The target price is set to $80.
In a research note published this morning, the analyst mentions that the company has posted its 2Q EPS ahead of the estimates. SunTrust witnessed robust loan growth during the quarter, while the corresponding increase in deposits was missing, the analyst says. SunTrust's cost of funding is rising significantly, resulting in a decline in the company's margins, Punk Ziegel & Co adds. The EPS estimates for 2006, 2007 and 2008 have been reduced from $5.98 to $5.95, from $6.52 to $6.42 and from $6.90 to $6.84, respectively.
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