Financials

Earnings Reports Spark Downgrades of Wells Fargo and Morgan Stanley as Analysts See Headwinds

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By Steve Gelsi Odeon Capital cuts Wells Fargo to hold from buy on ‘margin problem,’ while Morgan Stanley gets downgraded to market perform by KBW on wealth-management transition Wells Fargo & Co. and Morgan Stanley have picked up separate downgrades as analysts sift through fourth-quarter earning updates in the face of headwinds tied to the cost of deposits and retooling at the two big banks. Odeon Capital on Thursday downgraded Wells Fargo & Co.’s stock (WFC) to hold from buy as the bank faces challenges posed by a lack of growth in loans and difficulty attracting deposits, analyst Dick Bove said in a research note. “This is a ‘wait until next year’ story,” Bove said. “The bank is well-managed and taking the right steps to position itself for the intermediate and longer term.” Wells Fargo’s stock was down by 0.2% in premarket trading on Thursday. It reported higher fourth-quarter profit […]

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Goldman Sachs (NYSE:GS) Stock Analyst Ratings

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Goldman Sachs (NYSE:GS) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/18/2024 -4.6% BMO Capital $357 → $360 Maintains Market Perform 01/17/2024 16.6% JMP Securities → $440 Reiterates Market Outperform → Market Outperform 01/17/2024 30.11% Oppenheimer $481 → $491 Maintains Outperform 01/09/2024 16.6% UBS $382 → $440 Maintains Buy 01/09/2024 11.56% JP Morgan $398 → $421 Maintains Overweight 01/02/2024 30.64% Barclays $437 → $493 Maintains Overweight 12/04/2023 -11.76% Morgan Stanley $329 → $333 Maintains Equal-Weight 11/16/2023 24.02% Oppenheimer $447 → $468 Maintains Outperform 10/19/2023 18.45% Oppenheimer $450 → $447 Maintains Outperform 10/18/2023 16.6% JMP Securities → $440 Reiterates Market Outperform → Market Outperform 10/10/2023 16.6% JMP Securities $450 → $440 Maintains Market Outperform 10/03/2023 -12.82% Morgan Stanley $347 → $329 Maintains Equal-Weight 09/26/2023 19.25% Oppenheimer $461 → $450 Maintains Outperform 09/21/2023 0.7% Citigroup $400 → $380 Maintains Neutral 09/12/2023 19.25% JMP Securities

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CFRA Reiterates Hold Opinion On Shares Of Truist Financial Corporation

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CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We increase our 12-month target price by $7 to $37, 9.4x our 2025 EPS estimate, below TFC’s five-year forward P/E average of 10.8x, given modest growth expectations. We raise our 2024 EPS estimate by $0.07 to $3.57 and start 2025’s at $3.92. TFC posted adjusted Q4 EPS of $0.81 vs. $1.30 a year ago, $0.09 below consensus. TFC made strides toward improved execution this quarter with a 4.5% adjusted expense contraction and an improvement in the bank’s efficiency ratio (-300 bps to 58.8%). Additionally, capital pressures eased as a decline in long-term rates improved the bank’s AOCI by 19%. Credit quality came in mixed as net charge-offs rose, while nonperforming assets fell. Given weak client demand and reductions in indirect auto and mortgages, TFC saw its consumer

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Goldman Sachs CEO David Solomon At Davos: ‘Hard For Me To See’ 7 Rate Cuts This Year

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Goldman Sachs Group, Inc. (NYSE:GS) CEO David Solomon believes the market is being overly-optimistic about potential rate cuts in 2024. Solomon shared his more conservative Federal Reserve rate outlook Wednesday at the World Economic Forum in Davos, Switzerland. What Happened: The market is currently anticipating seven rate cuts this year, but Wednesday on CNBC’s “Squawk Box,” Solomon reminded investors that Fed Chair Jerome Powell has said the central bank will make future rate decisions based on current inflation trends and other economic data. “It’s hard for me to see the market’s view of seven cuts, you know, this year,” the Goldman Sachs CEO said. Solomon explained that although he sees a path toward some rate cuts and easing this year, the chance of rate cuts is smaller than it seemed to be six months ago. “I see some signs of softness which would lead you to believe that we are going to see some cuts, but

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Blackstone (NYSE:BX) Stock Analyst Ratings

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Blackstone (NYSE:BX) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/19/2024 6.44% Citigroup $116 → $124 Downgrades Buy → Neutral 01/11/2024 — Oppenheimer Downgrades Outperform → Perform 01/04/2024 1.29% TD Cowen → $118 Initiates Coverage On → Market Perform 01/03/2024 9.87% Goldman Sachs → $128 Downgrades Buy → Neutral 12/20/2023 28.76% Piper Sandler → $150 Assumes → Overweight 10/20/2023 -9.87% Oppenheimer $107 → $105 Maintains Outperform 10/20/2023 -3% Wells Fargo $118 → $113 Maintains Overweight 10/20/2023 -19.31% BMO Capital $97 → $94 Maintains Market Perform 10/20/2023 3% Morgan Stanley $125 → $120 Maintains Overweight 10/10/2023 -0.43% Barclays $110 → $116 Maintains Equal-Weight 10/06/2023 -3% HSBC → $113 Initiates Coverage On → Hold 09/05/2023 7.3% Morgan Stanley $125 → $125 Reiterates Overweight → Overweight 07/24/2023 -3.86% Goldman Sachs $98 → $112 Maintains Buy 07/21/2023 0.43% Oppenheimer $115 → $117 Maintains Outperform 07/21/2023 7.3%

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Blackstone Real Estate to Take Tricon Residential Private

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Blackstone Real Estate to Take Tricon Residential Private Blackstone Remains Committed to Tricon’s Extensive Housing Development Platform, Including its Pipeline of $1 Billion of New Single-Family Homes in the U.S. and $2.5 Billion of New Apartments in Canada Plans to Improve Quality of Existing U.S. Single-Family Homes through an Additional $1 Billion of Capital Projects All financial and share price-related information is presented in U.S. dollars unless otherwise indicated. NEW YORK & TORONTO–(BUSINESS WIRE)–January 19, 2024– Blackstone (NYSE: BX) and Tricon Residential Inc. (NYSE: TCN, TSX: TCN) (“Tricon” or the “Company”) today announced that they have entered into an arrangement agreement (the “Arrangement Agreement”) under which Blackstone Real Estate Partners X together with Blackstone Real Estate Income Trust, Inc. (“BREIT”) will acquire all outstanding common shares of Tricon (“Common Shares”) for $11.25 (approximately C$15.17) per Common Share in cash (the “Transaction”). The Transaction price represents a premium of 30% to

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Truist Financial (NYSE:TFC) Stock Analyst Ratings

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Truist Financial (NYSE:TFC) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/19/2024 16.02% RBC Capital $40 → $42 Maintains Outperform 01/19/2024 21.55% Keefe, Bruyette & Woods $42 → $44 Maintains Outperform 01/05/2024 13.26% Raymond James $34 → $41 Maintains Outperform 01/04/2024 18.78% B of A Securities → $43 Upgrades Neutral → Buy 01/02/2024 16.02% Barclays $40 → $42 Maintains Equal-Weight 12/14/2023 11.74% Odeon Capital → $40.45 Upgrades Hold → Buy 12/08/2023 -6.08% Piper Sandler $31 → $34 Maintains Neutral 12/04/2023 4.97% Morgan Stanley $40 → $38 Maintains Equal-Weight 11/20/2023 -8.84% Evercore ISI Group $31 → $33 Maintains In-Line 10/20/2023 -14.36% Piper Sandler $32 → $31 Maintains Neutral 10/05/2023 -6.08% Raymond James $36 → $34 Maintains Outperform 10/03/2023 10.5% Morgan Stanley $41 → $40 Maintains Equal-Weight 09/21/2023 -0.55% Keefe, Bruyette & Woods $37 → $36 Upgrades Market Perform → Outperform 09/15/2023 -11.6% Piper

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Goldman Sachs May Be a Basket Case. Its Stock Still Looks Better Than Morgan Stanley’s. — Barrons.com

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By Ben Levisohn Earnings season has been a bust for bank stocks — but a boon for those businesses that can help themselves in the months ahead. It has been a week since banks got earnings season rolling on Jan. 12, and the results have been unspectacular. Large charge-offs, related to replenishing the Federal Deposit Insurance Corp.’s coffers and other factors, dinged the final numbers, and few showed the kind of performance that would get investors excited, particularly after the strong end to the year. Since JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo got things started, the SPDR S&P Bank exchange-traded fund has dropped 2.6%. The main thing that seems to set the winners apart from the losers is the potential for “self-help” — the Wall Street term for a struggling company’s ability to make changes by cutting costs and jettisoning underperforming businesses as it attempts to right

Goldman Sachs May Be a Basket Case. Its Stock Still Looks Better Than Morgan Stanley’s. — Barrons.com Read Post »

The Rally in Financial Stocks Has Paused. Why It Isn’t Too Late to Get In. — Barrons.com

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By Jacob Sonenshine The rally in financial stocks is taking a breather. For investors who haven’t gotten into the sector yet, this might just be the best buying opportunity to come around. The Financial Select Sector SPDR fund, a diversified exchange-traded fund of financial companies on the S&P 500, gained 21% to a peak of $37.99 earlier this month from a multi-month low in October. But since that peak, the ETF — which owns asset manager BlackRock, investment banks JPMorgan and Goldman Sachs, more lending-focused banks Wells Fargo and Bank of America, and other financial giants — has retreated about 1%. Before the rally’s pause, a dip in short-term interest rates had driven financial stocks higher. Lower rates can boost consumer demand, a benefit for lenders, even though they reduce the rates that these banks can charge. Lower borrowing costs also help investment banks complete more deals. Falling rates help

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Franklin Resources (NYSE:BEN) Stock Analyst Ratings

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Franklin Resources (NYSE:BEN) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/19/2024 -13.85% Morgan Stanley $22 → $24 Maintains Underweight 01/10/2024 7.68% UBS $26 → $30 Maintains Neutral 01/08/2024 7.68% Wells Fargo $24 → $30 Upgrades Underweight → Equal-Weight 01/04/2024 14.86% TD Cowen → $32 Initiates Coverage On → Market Perform 11/02/2023 -21.03% Morgan Stanley $23 → $22 Maintains Underweight 10/11/2023 -13.85% Deutsche Bank $26 → $24 Maintains Hold 10/06/2023 -17.44% Morgan Stanley $24 → $23 Maintains Underweight 08/08/2023 -13.85% Morgan Stanley $23 → $24 Maintains Underweight 08/01/2023 -12.06% Goldman Sachs $21.5 → $24.5 Maintains Sell 07/31/2023 -12.06% Goldman Sachs $21.5 → $24.5 Maintains Sell 07/31/2023 -3.09% BMO Capital $24 → $27 Maintains Market Perform 07/25/2023 -17.44% Morgan Stanley $23 → $23 Reiterates Underweight → Underweight 07/13/2023 -6.68% Wells Fargo $25.5 → $26 Maintains Underweight 07/12/2023 -17.44% Morgan Stanley $23 → $23

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UBS Chair Signals Profitability Could Beat Views After CS Integration

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UBS’s return on equity–a key profitability metric for banks–could exceed current expectations following the integration of its former competitor Credit Suisse, Chair Colm Kelleher tells Bloomberg TV at the World Economic Forum in Davos. Switzerland’s largest bank in August said it was targeting to end 2026 with a return on equity of around 15%. UBS–which is due to publish a three-year strategic plan in February along with its fourth-quarter results–has started merging teams and downsizing Credit Suisse’s Swiss investment bank, Kelleher says. “The people we have brought in, on the whole it has worked quite well, we have been quite surprised,” he says. “To a large extent a lot of bad actors had gone.”

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