Deutsche Bank Has Hold Rating On Huntington (HBAN)

Deutsche Bank has a Hold rating and a $7 target on shares of Huntington Bancshares Incorporated HBAN. In a note to clients, Deutsche Bank writes, "HBAN reported 1Q11 EPS of $0.14 vs. consensus of $0.12. Results were mostly in line with previous mgmt guidance, with upside vs. consensus likely driven by a larger than expected release of loan loss reserves (of $116m). Results also included $17m of litigation expenses and a $4m MSR loss offset by high student loan sale gains of $7m (which tend to be lumpy) and we estimate $7m of unusually high tax credits. Tier 1 common was 9.75% vs. 9.3% at 12/31." Shares of HBAN are down 5 cents to $6.39, a loss of 0.8% this morning.