On Wednesday, Citi reaffirmed its Buy rating on Huntington Bancshares (NASDAQ:HBAN) with a steady stock price target of $15.00. The firm's analyst updated their financial model in anticipation of the first quarter 2024 earnings, adjusting rate and deposit projections.
The report indicates that the estimated earnings per share (EPS) for Huntington Bancshares remain consistent with previous forecasts. The expected EPS for 2024 stands at $1.10, which aligns with the firm's predictions but falls below the FactSet consensus of $1.23.
The projections for 2025 and 2026 also remain unchanged at $1.50 and $1.75, respectively, with the 2025 estimate surpassing the FactSet consensus of $1.40.
Citi's analysis suggests that despite revisions to certain financial metrics, the outlook for Huntington Bancshares' performance in the coming years remains positive. The $15.00 target price reflects the firm's confidence in the bank's potential to deliver value to its shareholders.
The endorsement of the Buy rating indicates that Citi believes Huntington Bancshares' stock will perform well and is worth purchasing at the current price. The investment firm's unchanged price target and EPS estimates suggest a stable view of the bank's financial prospects.
In the context of the broader market, Huntington Bancshares' stock is being closely watched by investors as the company prepares to disclose its first quarter earnings for 2024. The reaffirmed Buy rating and price target by Citi are key indicators for market participants monitoring the banking sector.
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