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Analyst Calls Moody's Bank Downgrades a 'Buying Opportunity' (XLF)

June 22, 2012 9:19 AM EDT Send to a Friend
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Price: $23.65 -0.67%

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Doing an interview on Bloomberg TV earlier, FBR Capital's Paul Miller called Thursday afternoon's bank downgrades by Moody's a "buying opportunity." The analyst insists these downgrades should have been done earlier.

The Street seems to be taking a similar angle Friday morning. As demonstrated by action in the Financial Select Sector SPDR ETF (NYSE: XLF), following a more than 2 percent decline to close Thursday's session, the fund is now up about 0.6 percent in pre-market trade this morning.

Around the Financial sector:
  • BofA (NYSE: BAC) shares up 1.8 percent to $7.96
  • Citi (NYSE: C) up 1 percent to $28.11
  • Morgan Stanley (NYSE: MS) up 2.8 percent to $14.35
  • JPMorgan (NYSE: JPM) up 1.3 percent to $35.96
  • Goldman Sachs (NYSE: GS) up 0.8 percent to $94.66

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