Truist Financial Downgraded by Wells Fargo Over Growth Strategy

Wells Fargo downgraded Truist Financial (TFC) from Overweight to Equal Weight, citing the bank's five-year growth strategy. The plan focuses on expansion through new branches, digital presence, and targeting wealthy customers. Wells Fargo noted that the merger with Synovus could create opportunities, but criticized Truist's track record of falling short of goals and lagging competitors. The price target remains at $47, but success hinges on sustaining organic growth.