Jefferies Reiterates Buy on Ally Financial (ALLY) Following Company Presentation
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Jefferies reiterated a Buy rating and $28.00 price target on Ally Financial (NYSE: ALLY) following the company's presentation at a competitor's conference. ALLY's management discussed recent origination trends and highlighted that the second half of 2016 has been consistently strong with 1H16 levels. The company also noted that it anticipates its 3Q16 provision to be up both YoY and sequentially, consistent with our forecast.
Analyst John Hecht commented, "We observed ALLY's presentation at a competitor's conference which focused on credit trends, NIM dynamics/asset sensitivity, competition in the auto finance space, diversification efforts/new products, liability management/ deposit growth and excess capital allocation. We view ALLY as well positioned for ~15% EPS growth over time given ongoing deposit growth and highlight that the company is not reliant on rate increases for EPS to grow in the midteens."
Shares of Ally Financial closed at $19.73 yesterday.
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