Keefe, Bruyette and Woods Downgrades Marshall & Ilsley (MI) to Underperform
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Keefe, Bruyette and Woods downgrades Marshall & Ilsley (NYSE: MI) from Market Perform to Underperform.
Keefe analyst says, "We believe certain bank stocks reached a bottom on July 15, 2008, when the group touched a valuation of approximately 1.0x our stress tangible book value. However, since that date, valuations have meaningfully improved while we believe the operating environment has not meaningfully improved...Downgrade is due to valuation, and its outsized exposure to C&D lending relative to peers, and potential for capital needs, in our view."
Marshall & Ilsley Corporation (M&I) is a diversified financial services company. M&I principal assets are the stock of its bank and non-bank subsidiaries, which, as of February 15, 2008, consisted of five bank and trust subsidiaries.
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