Sterne Agee Initiates Coverage Of BBT

Sterne Agee has initiated coverage of BB&T Corporation BBT with a Buy Rating. According to the report, “…the company remains one of the few large banks that have remained consistently profitable during the recession due to its diversified business mix, including its large insurance agency business (10-15% of revenues). At the same time, BBT continues to beat conservative expectations with respectable core revenues, positive operating leverage, and improving credit quality.” BBT has a $33 Price Target and closed at $27.40 yesterday.