UPDATE: Piper Sandler Downgrades Ally Financial (ALLY) to Underweight

Piper Sandler analyst Kevin Barker downgraded Ally Financial (NYSE: ALLY) from Neutral to Underweight with a price target of $34.00 (from $45.00).

The analyst comments "The current macro outlook will present material headwinds due to rising default rates and a sharp increase in funding costs, trends that are likely for the next several quarters and present a headwind to earnings. Our UW rating is relative to other stocks within our coverage and reflects the risks we see developing for auto lenders with rising funding costs."

For an analyst ratings summary and ratings history on Ally Financial click here. For more ratings news on Ally Financial click here.

Shares of Ally Financial closed at $33.48 yesterday.

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