Truist Looks Better Placed Than Many Banks For Better Growth In 2023

Banking is all about leverage, and Truist (NYSE:TFC) looks to be better-placed than most peer banks to drive rate and operating leverage in 2023, setting the bank up for relatively better operating performance. In the context of what I think is a still-too-low valuation, that's a positive set-up for investors looking for names in the still out-of-favor banking sector.

Truist had been outperforming its peer group since my last update, and a well-received earnings report certainly didn't hurt. While I would be careful not to project too much onto a company that has struggled to meet expectations since the transformative combination of BB&T and SunTrust, it does seem as though this bank may finally be getting its legs under it, and I still see opportunities to drive growth and value creation from here. Below the mid-$50's, I think this is a name to consider.

 

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Truist Looks Better Placed Than Many Banks For Better Growth In 2023