Ally Financial price target raised to $45 from $34 at Citi

Citi analyst Arren Cyganovich raised the firm’s price target on Ally Financial to $45 from $34 and keeps a Buy rating on the shares. The company’s 2023 and 2024 outlook "was quite a positive surprise" as it laid out in specific detail how it can achieve a much better-than-expected net interest margin relative to estimates and a quicker return from recession-assumed credit losses, Citi tells investors in a research note. The analyst sees a "path through the recession more resilient" than previously thought for Ally.