Ally Financial price target raised to $32 from $29 at Stephens

Stephens raised the firm’s price target on Ally Financial to $32 from $29 and keeps an Equal Weight rating on the shares. Even with worse 2023 guidance, the firm says it was “not surprised” to see shares up 5% given that the market has been skeptical on auto lending and Ally “continues to be a consensus short.” Though noting that the firm is taking annual EPS forecasts down 10%-13%, Stephens also finds it “tough to come up with a scenario where there is significant downside to ALLY shares from here,” the analyst tells investors.