Ally Financial upgraded to Neutral from Underweight at Piper Sandler

Piper Sandler analyst Kevin Barker upgraded Ally Financial to Neutral from Underweight with a price target of $28, up from $25. The stock has significantly underperformed the market and its peer group over the past 18 months as worries about higher funding costs, increasing credit losses, and declining book value have weighed on shares, Barker tells investors in a research note. However, the analyst believes these headwinds have now been priced into the stock.