Deutsche Bank's Mayo Sees Buying Opportunity in Wachovia (WB)
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Price: $6.49 -0.61%
Rating Summary:
7 Buy, 13 Hold, 2 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 7 | Down: 5 | New: 19
Rating Summary:
7 Buy, 13 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 19
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Deutsche Bank analyst Mike Mayo is calling Wachovia (NYSE: WB) a "unique buying opportunity." Mayo said the stock price makes the company attractive to a merger partner.
Mayo sees higher loan losses at Wachovia and is therefore cutting 2008 EPS estimates from $2.00 to $1.15 and for 2009 from $3.00 to $2.75 and also lowered his price target from $35 to $30. Yet, Mayo is reiterating his Buy rating saying, "Wachovia will not raise more capital near-term, a new CEO could be announced sooner rather than later, and that its stock price of more than 50% less than its est. franchise value makes the company uniquely attractive as a merger partner."
Mayo sees higher loan losses at Wachovia and is therefore cutting 2008 EPS estimates from $2.00 to $1.15 and for 2009 from $3.00 to $2.75 and also lowered his price target from $35 to $30. Yet, Mayo is reiterating his Buy rating saying, "Wachovia will not raise more capital near-term, a new CEO could be announced sooner rather than later, and that its stock price of more than 50% less than its est. franchise value makes the company uniquely attractive as a merger partner."
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