RBC Capital lowered the firm’s price target on Ally Financial to $40 from $49 but keeps an Outperform rating on the shares. The firm cites the company’s recent commentary around near term margin and credit headwinds while also cutting its FY24 EPS view on the stock to $2.68 from $3.55 and its FY25 view to $5.00 from $5.45. RBC adds however that the longer term trends are seen as intact, and it believes that a return to margin expansion and credit stability can be drivers of higher returns and earnings over time.
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