Truist Financial rises after Citi upgrades to 'buy'

U.S. bank Truist Financial's TFC.N shares rise 1.7% to $42.09 premarket

Citi Research upgrades TFC to "buy" from "neutral"; raises PT to $55 from $44, a 32.9% upside to stock's last close

Says TFC continues to trade at a discount and sentiment is increasingly bearish, creating an attractive entry point for investors

Brokerage sees tailwinds from TFC's ability to increase buybacks due to strong capital position and cheap share price

Citi expects some upside to Street estimates on expense discipline, credit costs, and higher buybacks

10 of 23 brokerages rate the stock "buy" or higher and 13 "hold"; median PT $46 - data compiled by LSEG

As of last close, TFC stock down 4.6% YTD