Goldman Sachs Upgraded Large U.S. Banks to Attractive
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Goldman Sachs upgraded Large U.S. banks from Neutral to Attractive, citing the dramatic improvement in earning power at the large banks versus the regionals.
Goldman said tangible assets per share have increased 29% for large banks vs. a 25% decline for regionals. Pre-provision earnings per asset has increased 7% vs. -14% for regionals.
As part of the call, Goldman upgraded Wells Fargo (NYSE: WFC) to Buy, added Capital One (NYSE: COF) to their Conviction Buy List, and reiterated their Conviction Buy List ratings on JPMorgan (NYSE: JPM) and Bank of America (NYSE: BAC).
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