Analysts at Barclays said a recent bank stock rally could have legs, driven both by a rebound in EPS and continued tangible book value growth, as well as multiple expansion. Lower loan loss provisions should be the bigger driver in earnings, even as uncertainties over rising COVID-19 cases and heightened restrictions present risks. It upgraded Goldman Sachs (GS), Morgan Stanley (MS) and Ally Financial (ALLY) to overweight from equal-weight, while lowering Citi (C), Zions Bancorp (ZION) and SVB Financial (SIVB) to equal weight from overweight.
-Steve Goldstein; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
01-04-21 1044ETCopyright (c) 2021 Dow Jones & Company, Inc.