Truist Financial dips after first-quarter results, PT cuts

Truist Financial shares TFC.N down 1.9% at $35.21 after brokerages cut target price following bank's first-quarter results

Co posts adj. EPS of 87 cents, matching analysts' expectation but lower than last year's 91 cents

Piper Sandler cuts PT to $41 from $45 to reflect lower bank equity valuations, citing uncertain macroeconomic backdrop and flatter capital market expectations

Brokerage says 3% YOY net interest income growth expectation seems reasonable; investment banking could be a "wildcard"

Barclays cuts PT to $47 to $51, KBW lowers to $47 from $53, RBC cuts to $45 from $50

10 of 22 brokerages rate the stock "buy" or higher, 12 "hold"; median PT is $46.77 - data compiled by LSEG

Up to last close, TFC down 17.2% YTD