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Upgrade Alert for SunTrust Banks (STI)

By Amy Schwartz

SunTrust Banks (NYSE:STI) was upgraded from Sector Perform to Outperform at Portales today. The stock closed yesterday at $39.20 on volume of 4.4 million shares, above average daily volume of 4.0 million.

Over the past year, SunTrust Banks has traded in a range of $31.07 to $45.84 and closed yesterday at $39.20, 26% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.5%.

SunTrust Banks has overhead space with shares priced $39.20, or 16.1% below the average consensus analyst price target of $46.70. The stock should find resistance at its 200-day moving average (MA) of $39.66, as well as support at its 50-day MA of $37.64.

SunTrust Banks, Inc. is a super-regional bank holding company. The Company's subsidiary banks operate in Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, Virginia, and the District of Columbia. SunTrust provides a wide range of financial services such as credit cards, mortgage banking, insurance, brokerage and capital markets services.

SmarTrend recommended that its subscribers protect gains by selling shares of SunTrust Banks on June 14th, 2016 by issuing a Downtrend alert when the shares were trading at $41.34. Since that call, shares of SunTrust Banks have fallen 8.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades suntrust banks

Ticker(s): STI