Janney Montgomery Scott Upgrades Sovereign Bancorp (SOV) to Buy
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Janney Montgomery Scott upgrades Sovereign Bancorp (NYSE: SOV) from Neutral to Buy.
Janney analyst says, "Sovereign’s capital should be sufficient to allow the company to survive today’s terrible financial environment, and its solid deposit base and lending footprint in many good markets will facilitate much better operating results when the financial storm passes and the economy improves. Sovereign has made some major miscues over the past few years (including expensive acquisitions, out-of-market lending, and toxic investments), but there have also been several bright moves (including key management hires, a significant capital raise, elimination of the cash dividend, and the sale of dicey loans before the market unraveled). We also believe Banco Santander’s significant ownership stake will prove fruitful to Sovereign and investors."
Sovereign Bancorp, Inc. (Sovereign) serves as the parent company of Sovereign Bank (the Bank), a federally chartered savings bank.
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Agreed
R.J. on Sep 29, 2008 06:12 PMSmall bounce tomorrow. Slight retreat Wednesday. Buy in Wednesday afternoon. Bailout plan gets pushed through before the end of the week.