Merrill Lynch Cuts WaMu (WM) Target To $1 As Bank Needs Merger Partner
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Price: $224.55 +0.15%
Rating Summary:
23 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
23 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Shares of Washington Mutual Inc. (NYSE: WM) are lower again after Merrill Lynch lowered its price target on the embattled bank from $3 per share to $1 per share. The $1 price target is under half the current market price of WaMu.
The Merrill Lynch analyst said the company may be forced to find a merger partner, even at a discount to what they believe the company is worth, as it faces massive pressures due to the credit crunch.
Recent reports have suggested banking regulators have contacted JPMoran (NYSE: JPM), Wells Fargo (NYSE: WFC) and HSCB (NYSE: HBC) to gauge interest in a buyout of Washington Mutual.
The Merrill Lynch analyst said the company may be forced to find a merger partner, even at a discount to what they believe the company is worth, as it faces massive pressures due to the credit crunch.
Recent reports have suggested banking regulators have contacted JPMoran (NYSE: JPM), Wells Fargo (NYSE: WFC) and HSCB (NYSE: HBC) to gauge interest in a buyout of Washington Mutual.
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