Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
Get Alerts GS Hot Sheet
Rating Summary:
23 Buy, 17 Hold, 0 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 9 | Down: 10 | New: 42
Join SI Premium – FREE
Cowen Washington Research Group analyst Jaret Seiberg said President-elect Donald Trump's selection of Goldman Sachs (NYSE; GS) President Gary Cohn as NEC director "is the most bullish sign yet out of the Trump White House for the biggest banks."
"It is taking the number two official at one of the biggest banks and giving him a pivotal role in setting domestic policy," he commented. "Such a big role would have been politically impossible just a year ago."
He added, "That Trump is willing to take this step does suggest the political risk to the biggest banks may be diminishing. It is clear that Trump does not see the biggest banks as a political problem."
Seiberg, however, continued to urge caution as other Goldman alumni have been tough on big banks once they came to Washington. "Just look at Trump adviser Steve Bannon or Clinton adviser Gary Gensler as evidence," he said. In addition, the real key for the biggest banks remains the pick of Federal Reserve vice chair for supervision.
Related Stocks:
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Citi Downgrades Shinko Electric Industries Co Ltd (6967:JP) (SHEGF) to Neutral ahead of tender offer
- HSBC Raises Price Target on Spirax-Sarco Engineering (SPX:LN) (SPXSY) to GBP 8,600
- Ageas (AGS:BB) (AGESY) PT Lowered to EUR42.50 at HSBC, 'see negative sentiment around China continuing'
Create E-mail Alert Related Categories
Analyst Comments, Trader TalkRelated Entities
JPMorgan, Goldman Sachs, Donald J. Trump, Citi, Morgan Stanley, Cowen & Co, Wells FargoSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!