Raymond James upgrades Ally Financial to 'market perform'

Ally Financial

21/10/2024 10:52

** Raymond James upgrades consumer lender Ally Financial
 ALLY.N  to "market perform" from "underperform"
    ** Brokerage says while it remain cautious on the stock, the
majority of the underperformance in ALLY's shares has been
realized
    ** ALLY' Q3 earnings on Friday beat Wall Street
expectations, thanks to higher fee income and electric-vehicle
tax credit benefits
    ** Raymond James does not expect ALLY to hit 4% net interest
margin — a key gauge of profitability — through 2026
    ** Eleven of 21 brokerages rate the stock "buy" or higher,
eight "hold" and two "sell"; median PT is $39.50 - LSEG data
    ** As of last close, ALLY shares flat YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com))