BofA lowered the firm’s price target on Ally Financial to $28 from $30 and keeps a Neutral rating on the shares as part of a broader research note on U.S. Banks. Worsening revenue trends that include slowing loan growth, declining net interest margins, and tempered fees are widely expected, the analyst tells investors in a research note. Rising interest rates also continue to widen mark-to-market losses on bond books, and as asset quality worsens, it should begin to “matter more” as investors brace for a credit cycle, the firm added.
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Read More on ALLY:
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- Ally Financial price target lowered to $37 from $38 at Citi
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- Ally Financial (NYSE:ALLY) to Cut 5% of its Workforce
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