JMP Downgrades Major US Banks to Market Underperform (JPM) (BAC) (C) (MS) (GS)

Article Stock Quotes (6) Comments (0)

JMP's David Trone issued a concerning note on US Banking stocks Monday morning, downgrading JPMorgan (NYSE: JPM), BofA (NYSE: BAC), Citi (NYSE: C), Morgan Stanley (NYSE: MS) and Goldman Sachs (NYSE: GS). Trone called the sector "highly unattractive" and said he is modeling for profit and, consequently, the stocks to decline "significantly." The analyst believes fears surrounding the Eurozone will be the main concern driving the group lower. Trone sees a Greek exit from the euro as probable, expecting a 60 percent chance of a Greek exit with no contagion effects, and a 30 percent chance of an exit with major damage to the European markets.

• BofA - downgraded from Market Perform to Market Underperform, $5.50 price target
  
• Citi - from Market Perform to Market Underperform, $23 price target
  
• JPMorgan - from Market Perform to Market Underperform, $28 price target
  
• Goldman Sachs - from Market Outperform to Market Underperform, target lowered from $26 to $11
  
• Morgan Stanley - from Market Outperform to Market Underperform, target lowered sharply from $169 to $77

Despite the call, the Financial Select Sector SPDR ETF (NYSE: XLF) is indicated modestly higher in pre-market action.

Check out our Ratings Insider portal to get the most comprehensive and up-to-date analyst coverage on the Street.

---

Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW

---

*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here

---

---

You May Also Be Interested In

• Morgan Stanley Says Tesla (TSLA) 'Top Pick in U.S. Autos'
• Wells Fargo Downgrades Aruba Networks (ARUN) to Market Perform
• Jefferies Buyers of Jack In The Box (JACK) on Solid Results

Create E-mail Alert Related Categories

Analyst Comments, Downgrades, Hot Downgrades

Related Entities

JPMorgan, Citi, Morgan Stanley, Bank of America

Add Your Comment

Name

Subject

Body

Share on Facebook

Verification
can't see the text?
click here to refresh the image.
what's this?