Citi analyst Arren Cyganovich raised the firm’s price target on Ally Financial to $46 from $35 and keeps a Buy rating on the shares. The analyst expects 2024 outlooks for consumer finance companies to be in line with or better than consensus expectations. Credit quality will likely be the biggest focus for investors as charge-offs are expected to peak in the first half of 2024 or the middle of the year, the analyst tells investors in a research note. Citi continues to feel good about consumer finance stocks with “still-strong” employment and tighter underwriting supporting a peaking of credit losses this year.
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