Huntington Bancshares Upgraded to Neutral with $18 Target after 34% Revenue Surge
Piper Sandler upgraded Huntington Bancshares to Neutral with a price target of $18.00, implying 8.28% upside from its $16.62 share price. The bank posted Q1 adjusted EPS of $0.37 versus $0.36 consensus and drove revenue 34% higher to $2.59 billion on stronger net interest and fee income.
1. Analyst Upgrade and Target
Piper Sandler raised its rating on Huntington Bancshares to Neutral from Underweight and established an $18.00 price target, reflecting an 8.28% potential upside from the April 23 closing price of $16.62. The firm cited the bank’s improved earnings trajectory in its rationale.
2. Q1 Earnings Performance
In the first quarter of 2026, Huntington reported adjusted EPS of $0.37, beating the consensus estimate of $0.36 and up from $0.34 a year earlier. This marked consecutive quarters of year-over-year EPS growth driven by core banking operations.
3. Revenue Growth Drivers
Total revenue jumped 34% to $2.59 billion, fueled by higher net interest income as loan yields outpaced deposit costs and broad-based gains in fee income. The bank highlighted strong lending activity and wealth management fees as key contributors.
4. Expenses and Net Income
Rising non-interest expenses and increased provisions for credit quality pressures partly offset gains, resulting in unadjusted net income of $523 million. Pre-tax acquisition-related charges of $271 million were the primary difference between adjusted and GAAP earnings.