Truist falls on Raymond James cut to "market perform"

U.S. lender Truist Financial's shares TFC.N fall 1.2% to $40.51 premarket

Raymond James downgrades to "market perform" from "outperform"

Says the lender's path to improving profitability is increasingly challenged under current market conditions

"While management continues to pitch its offensive positioning following the recent sale of Truist Insurance Holdings/improved capital positioning and continued investments across its businesses, we are more skeptical about its ability to translate these tailwinds into improved profitability over the medium-term"

Avg rating of 22 brokerages is the equivalent of "buy"; median PT is $50 - data compiled by LSEG

As of last close, TFC stock down 5.4% YTD compared to a 4.2% decline in the S&P 500 .SPX