Huntington: Frustrations Return; Five Frustrations Part 5

研报英文原文证据摘录

Huntington: Frustrations Return; Five Frustrations Part 5

Deutsche Bank

Research

Rating Company Date

Buy Huntington 23 July 2026

North America Reuters Bloomberg Rating Buy

United States HBAN.OQ HBAN US Price target (USD) 22.50 Price at 22 Jul 26 18.27

52-week range 19.27 – 15.02

Financial

Banks Valuation & Risks

Frustrations Return; Five Frustrations Part 5

Matt O-Connor, CFA

*We are hosting a call with HBAN's IR team tomorrow Friday July 24 at 10am Research Analyst

+1-212-250-8489 EST. Let us or your DB sales representative know if you're interested in joining*

This is the fifth note in an HBAN series we've dubbed Five Frustrations. In this Nathan Stein

Research Analyst

note, we lay out some of the current frustrations and revisit some from prior +1-212-250-3462

periods (many of which have been resolved). Earlier today, HBAN reported 2Q

results which included some positives such as better EPS, strong fees, well

managed costs and lower cost of credit. However, net interest income and net

interest margin/NIM were both weaker than most expected. On the call, mgmt

tweaked down the outlook for both net II and NIM even though loan growth is

likely to come in better than expected. Shares are down 6% intraday on net II

concerns as well as broader frustrations surrounding messaging in our view.

See note for more details on the 2Q print Huntington: 2Q26 Net II/NIM Weaker,

But Should Improve From Here and Fees Much Stronger.

Five Frustrations Parts 1-4

• Huntington: 5 Frustrations/Questions Surrounding Shares and Why We

Remain Positive

• Huntington: Follow Up to Five Frustrations; Reiterate BUY Rating

• Huntington: Frustrations Heard; Five Frustrations Part 3

• Huntington: Frustrations Should Continue to Ease (Five Frustrations Part

4); Reiterate BUY

Revisiting Five Frustrations