The firm has a $43 price target on shares of the Atlanta-based bank and financial holding company.
Bernstein said banks will be impacted by an eventual slump in credit metrics. Expectations for an interest rate raise have also faded, the Fly noted.
Shares of SunTrust are edging down in early-morning trading on Tuesday.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B+ on the stock.
The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income, expanding profit margins, growth in earnings per share and attractive valuation levels.
The team believes its strengths outweigh the fact that the company has had somewhat disappointing return on equity.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: STI