Morgan Stanley analyst Cheryl Pate said Ally Financial is the best execution story under coverage and is pricing in a recession. The analyst said Ally continues to deliver on credit performance, prudent loan growth, and capital returns. Pate said Ally has a high-quality auto book that keeps credit costs in check and delivered results that were better than recent guidance provided in December. The analyst reiterates her Overweight rating and $27 price target on Ally shares and expects the February 11 investor day to provide visibility on 2016 financial goals, business expansion opportunities, and in depth credit detail.