Jefferies Downgrades HBAN To Hold, Raises PT To $8

Jefferies is downgrading Huntington Bancshares HBAN to Hold from Buy and is taking its price target to $8 (from $7). “[The] upside [is] more limited after recent rally,” Jefferies writes. “Trading at 1.6x current tangible book value per share, HBAN has closed the multiple gap relative to other regional banks. We continue to believe some multiple expansion is in the cards, but upside is more limited after a strong run in 4Q.” “We continue to be impressed with the direction management is taking the company,” Jefferies adds. “Despite the tough economic backdrop, HBAN continues to stay on offense, evidenced by its solid loan growth (particularly C&I and auto) and pro-active "Fair Play" deposit campaign (driving better customer acquisition and household growth).” Huntington Bancshares closed Tuesday at $7.19.