Wells Fargo lowered the firm’s price target on Ally Financial (ALLY) to $32 from $34 and keeps an Underweight rating on the shares. The firm cites a solid quarter with improved credit performance. There are a lot of cheap stocks in consumer finance, and Wells continues to see better value in other names. It also believes forward estimates for Ally have downside risk. And share buybacks remain on hold, the firm adds.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ALLY:
- Ally Financial Stock (ALLY) Down on the Week Despite Beating Q1 Expectations
- Morning Movers: UnitedHealth plummets following Q1 results and guidance cut
- Ally Financial reports Q1 adjusted EPS 58c, consensus 42c
- Notable companies reporting before tomorrow’s open
- Ally Financial price target lowered to $40 from $45 at RBC Capital