Financials

S&P Global US Final Manufacturing PMI Revised Lower in December Unexpectedly, Below November Reading

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The S&P Global US manufacturing index for December was revised downwards to 47.9 from the flash reading of 48.2, compared with expectations for a slight increase to 48.4 in a survey compiled by Bloomberg as of 7:40 am ET. The December index stands below the 49.4 reading in November, indicating a faster pace of contraction. This was the quickest decline since August. The decline was due to slower customer demand in the form of new orders that resulted from decreased purchasing power and heightened economic uncertainty.

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US Banks’ Q4 Median EPS Seen Decreasing Year on Year, But Sector Still Attractive, RBC Says

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US banks’ Q4 median earnings per share, or EPS, are expected to decrease but the sector may still be attractive to investors as current valuation levels offset headwinds, RBC Capital Markets said Tuesday in a note to clients. Q4 median EPS will likely decrease about 18% from a year earlier and will be down 9.5% from the previous quarter, the note said. “On a year-over-year basis, we expect median EPS to decrease driven by declines in net interest income, higher provisions and higher noninterest expense, partially offset by growth in noninterest income,” said RBC analysts including Gerard Cassidy. Sequentially, the banks’ EPS will likely be hit by lower net interest income and higher provisions, the analysts said. “Though we expect to see headwinds in 4Q23, we believe today’s valuation levels discount these trends and make the group attractive both on an absolute and relative basis,” RBC analysts said. “Investors who

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Citigroup Shares Seen Doubling In Three Years

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Wells Fargo gets more constructive on Citigroup, saying it expects the bank’s shares to double to $100+ over three years and calling the stock its top large-cap bank pick for 2024 and a signature pick. In a research note, Wells says Citi’s management delayering, exit from 14 non-US consumer markets and transition from dozens of universal banks to five lines of business should make the bank more simple and profitable. Wells says it expects Citi’s EPS will double from an estimated $5 in 2023 to $10 in 2026, driven by efficiency, stock buybacks and revenue growth. Wells, with an overweight rating on Citi shares, lifts its one-year price target on the stock to $70 from $60.

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JPMorgan Chase’s Stock Flirts With All-time High

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JPMorgan Chase & Co.’s stock (JPM) is currently trading at $171.81, up about 1%. If the gains hold through the market close, the stock will hit a new all-time high for the first time since October 2021, according to Dow Jones Market Data. To set a record, the stock would have to close above $171.78, its closing level on Oct. 22, 2021. In the past year, JPMorgan has been buoyed by its acquisition of First Republic as well as profit momentum of larger banks over smaller regional banks. The stock rose about 26.9% in 2023 including December’s rise of 10.2%. The S&P 500 rose 24.2% in 2023. -Steve Gelsi

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Citigroup (NYSE:C) Stock Analyst Ratings

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Citigroup (NYSE:C) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/02/2024 22.33% Barclays $59 → $63 Maintains Equal-Weight 12/19/2023 0.97% Goldman Sachs $47 → $52 Maintains Neutral 12/01/2023 -8.74% Goldman Sachs $41 → $47 Maintains Neutral 11/16/2023 65.05% Oppenheimer $82 → $85 Maintains Outperform 10/16/2023 -12.62% Piper Sandler $47 → $45 Maintains Neutral 10/16/2023 28.16% BMO Capital $61 → $66 Maintains Outperform 10/16/2023 59.22% Oppenheimer $81 → $82 Maintains Outperform 10/03/2023 -16.5% Morgan Stanley $45 → $43 Maintains Underweight 10/02/2023 -20.39% Goldman Sachs $47 → $41 Maintains Neutral 09/26/2023 57.28% Oppenheimer $85 → $81 Maintains Outperform 09/20/2023 -8.74% RBC Capital $51 → $47 Maintains Outperform 09/15/2023 -8.74% Piper Sandler $50 → $47 Maintains Neutral 09/07/2023 -16.5% HSBC → $43 Initiates Coverage On → Hold 08/23/2023 6.8% Wells Fargo $60 → $55 Maintains Overweight 08/18/2023 65.05% Oppenheimer $88 → $85 Maintains Outperform 07/18/2023

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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 01/02/2024 28.05% Barclays $437 → $493 Maintains Overweight 12/04/2023 -13.51% Morgan Stanley $329 → $333 Maintains Equal-Weight 11/16/2023 21.55% Oppenheimer $447 → $468 Maintains Outperform 10/19/2023 16.1% Oppenheimer $450 → $447 Maintains Outperform 10/18/2023 14.28% JMP Securities → $440 Reiterates Market Outperform → Market Outperform 10/10/2023 14.28% JMP Securities $450 → $440 Maintains Market Outperform 10/03/2023 -14.55% Morgan Stanley $347 → $329 Maintains Equal-Weight 09/26/2023 16.88% Oppenheimer $461 → $450 Maintains Outperform 09/21/2023 -1.3% Citigroup $400 → $380 Maintains Neutral 09/12/2023 16.88% JMP Securities → $450 Reiterates Market Outperform → Market Outperform 09/07/2023 4.67% HSBC → $403 Initiates Coverage On → Buy 08/18/2023 19.73% Oppenheimer $483 → $461 Maintains Outperform 08/01/2023 -8.84% Atlantic Equities $330 → $351 Upgrades Underweight → Neutral 07/25/2023 3.89% Citigroup $370 → $400 Downgrades Buy → Neutral

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JPMorgan Chase & Co. (NYSE: JPM) stock Analyst Ratings

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JPMorgan Chase & Co. (NYSE: JPM) stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/02/2024 24.71% Barclays $186 → $212 Maintains Overweight 12/18/2023 — Daiwa Capital Upgrades Outperform → Buy 11/16/2023 42.94% Oppenheimer $233 → $243 Maintains Outperform 10/16/2023 0% Piper Sandler $168 → $170 Maintains Overweight 10/16/2023 0.59% BMO Capital $167 → $171 Maintains Market Perform 10/16/2023 37.06% Oppenheimer $215 → $233 Maintains Outperform 10/16/2023 12.35% Morgan Stanley $187 → $191 Maintains Overweight 10/03/2023 10% Morgan Stanley $179 → $187 Maintains Overweight 09/26/2023 26.47% Oppenheimer $219 → $215 Maintains Outperform 09/12/2023 -7.06% RBC Capital → $158 Reiterates Outperform → Outperform 09/12/2023 5.29% Morgan Stanley $173 → $179 Maintains Overweight 09/08/2023 -7.06% RBC Capital → $158 Reiterates Outperform → Outperform 09/07/2023 -6.47% HSBC → $159 Initiates Coverage On → Hold 08/18/2023 28.82% Oppenheimer $227 → $219 Maintains Outperform 08/01/2023 -5.88% Atlantic Equities

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Morgan Stanley (NYSE:MS) Stock Analyst Ratings

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Morgan Stanley (NYSE:MS) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/02/2024 24.45% Barclays $102 → $116 Maintains Overweight 12/21/2023 -8.81% RBC Capital → $85 Reiterates Sector Perform → Sector Perform 12/19/2023 7.28% Goldman Sachs $89 → $100 Maintains Buy 11/28/2023 -14.17% Societe Generale → $80 Downgrades Buy → Hold 11/20/2023 -8.81% Exane BNP Paribas → $85 Downgrades Outperform → Neutral 11/16/2023 10.5% Oppenheimer $98 → $103 Maintains Outperform 10/23/2023 -15.08% Odeon Capital → $79.15 Downgrades Buy → Hold 10/20/2023 — Wolfe Research Upgrades Underperform → Peer Perform 10/19/2023 4.07% Evercore ISI Group $102 → $97 Maintains Outperform 10/19/2023 8.36% BMO Capital $102 → $101 Maintains Outperform 10/19/2023 5.14% Oppenheimer $100 → $98 Maintains Outperform 10/11/2023 -9.88% UBS $110 → $84 Downgrades Buy → Neutral 10/05/2023 -1.3% JP Morgan $93 → $92 Maintains Overweight 09/26/2023 7.28% Oppenheimer $105 → $100 Maintains Outperform

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Truist Financial Corporation (NYSE: TFC) stock Analyst Ratings

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Truist Financial Corporation (NYSE: TFC) stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/02/2024 13.79% Barclays $40 → $42 Maintains Equal-Weight 12/14/2023 9.59% Odeon Capital → $40.45 Upgrades Hold → Buy 12/08/2023 -7.88% Piper Sandler $31 → $34 Maintains Neutral 12/04/2023 2.95% Morgan Stanley $40 → $38 Maintains Equal-Weight 11/20/2023 -10.59% Evercore ISI Group $31 → $33 Maintains In-Line 10/20/2023 -16.01% Piper Sandler $32 → $31 Maintains Neutral 10/05/2023 -7.88% Raymond James $36 → $34 Maintains Outperform 10/03/2023 8.37% Morgan Stanley $41 → $40 Maintains Equal-Weight 09/21/2023 -2.47% Keefe, Bruyette & Woods $37 → $36 Upgrades Market Perform → Outperform 09/15/2023 -13.3% Piper Sandler $36 → $32 Downgrades Overweight → Neutral 09/12/2023 8.37% RBC Capital → $40 Reiterates Outperform → Outperform 09/07/2023 -21.43% HSBC → $29 Initiates Coverage On → Hold 08/27/2023 5.66% Citigroup $39 → $39 Maintains Buy 08/17/2023 -20.08% JP

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Wells Fargo (NYSE:WFC) stock Analyst Ratings

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Wells Fargo (NYSE:WFC) stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/02/2024 34.15% Barclays $54 → $66 Maintains Overweight 12/14/2023 13.98% Odeon Capital → $56.08 Upgrades Hold → Buy 12/08/2023 -4.47% Piper Sandler $45 → $47 Maintains Neutral 12/06/2023 11.79% Raymond James $52 → $55 Maintains Strong Buy 12/04/2023 9.76% Morgan Stanley $52 → $54 Maintains Overweight 12/01/2023 1.63% Goldman Sachs $45 → $50 Maintains Buy 10/16/2023 9.76% BMO Capital $52 → $54 Maintains Market Perform 09/22/2023 -10.57% Deutsche Bank $44 → $44 Reiterates Buy → Buy 09/07/2023 -8.54% HSBC → $45 Initiates Coverage On → Hold 08/01/2023 5.69% Morgan Stanley $49 → $52 Maintains Overweight 08/01/2023 6.71% Atlantic Equities $50 → $52.5 Maintains Overweight 07/18/2023 -0.41% Morgan Stanley $47 → $49 Maintains Overweight 07/17/2023 -8.54% Piper Sandler $43 → $45 Maintains Neutral 07/17/2023 -11.08% Odeon Capital → $43.75 Downgrades Buy →

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CFRA Reiterates Buy Opinion On Shares Of Jpmorgan Chase & Co.

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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 think a wider risk premium for JPM shares can be supported by our view of a soft landing for the U.S. economy and lower rates that propel higher borrowing and risk taking. We raise our target by $15 to $190 on a forward P/E of 11.9x our 2024 earnings estimate, still below the three-year historic average of 12.3x. We keep our EPS estimates at $17.00 for 2023 and at $15.95 for 2024; our revenue forecast is $160B for 2023 and $159.5B for 2024. Loan growth remains critical, in our view, to net interest income (NII) and noninterest income in 2024, assuming economic growth and no recession. In Q3 2023, NII rose 30% Y/Y, with a rise in interest rate spread to 2.00% vs. 1.79% Y/Y (1.97%

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