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

May 21, 2012 8:56 AM EDT Send to a Friend
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Price: $61.11 -0.34%

Rating Summary:
    19 Buy, 7 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 24 | New: 21
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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.

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JPMorgan, Citi, Morgan Stanley, Bank of America

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