Wells Fargo remains underweight on Ally Financial following CEO presentation
Wells Fargo analyst Donald Fandetti maintained an Underweight rating and $32 price target on Ally Financial (ALLY) following a presentation with CEO Michael Rhodes. The firm noted that it was a 'positive' update on Q2 NIM, but with no new specifics on Q2 auto credit. Wells added that it sees 'better value and positive stock catalysts for other consumer finance stocks,' noting that 'Ally's share buybacks remain on hold and higher rates are thematically a relative headwind.'
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