Wells Fargo analyst Donald Fandetti lowered the firm’s price target on Ally Financial to $32 from $37 and keeps an Underweight rating on the shares. The firm is reducing Q3 EPS to reflect guidance and credit trends. Wells assumes higher prov/reserve build in Q3 on softer delinqs. To the firm, credit will be the key factor in Q3. Positively, online banks are now lowering savings rates post-Fed cut, it adds.
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