Huntington Bancshares dips after Piper Sandler downgrades to 'underweight'
** Shares of regional lender Huntington Bancshares HBAN.O fall 1.8% to $12.12 premarket
** Piper Sandler downgrades HBAN to "underweight" rating from "neutral"; cuts PT to $11.50 from $13.50, a 6.8% downside to stock's last close
** Stock is in for a period of underperformance following a stronger start to the year, brokerage says
** Piper Sandler says HBAN entered 2024 with one of the more compelling stories in the regional space, but those positives have taken a step back as the year progressed
** Adds that HBAN's differentiated story was its loan growth opportunity given its southeast U.S. expansion, plus the net interest income trajectory seemed strong
** HBAN on Monday tempered its outlook for annual NII as it expects somewhat higher funding costs apart from dialing down its loan growth outlook
** Thirteen of 22 brokerages rate the stock "buy" or higher, eight "hold" and one "sell"; their median PT is $15.25 - LSEG
** As of last close, HBAN shares were down 3% YTD
Reporting by Arasu Kannagi Basil in Bengaluru
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