Citi analyst Arren Cyganovich raised his price target for Ally Financial to $37 from $35 and reiterates a Buy rating on the shares after traveling with the company's CFO Jennifer LaClair. The analyst came away with renewed confidence in Ally's positioning and stock trajectory. He sees possible net interest margin expansion if Fed lowers target interest rates, a path toward more "bank-like" returns on tangible equity, and earnings growth. Cyganovich believes Ally Financial is one of the most attractive stocks in his group.

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Reports Q1 revenue $1.99B, consensus $1.96B. "Ally's financial and operating results in Q1 reflect the strength and scale of our market leading franchises," said Interim CEO Doug Timmerman. "Our teammates remain focused on what we can control, caring for our customers and communities, and consistently executing against our strategic priorities, driving long-term shareholder value. Dealer financial services continues to demonstrate the benefits of its high-tech, high-touch approach as we decisioned a single quarter record 3.8 million consumer auto applications. Consumer originations totaled nearly $10B with 40% of retail auto volume coming from our highest credit quality tier, positioning us for very attractive risk-adjusted returns going forward. Within Insurance, earned premiums of $349M were also a record, and our comprehensive product suite resulted in new OEM relationships that will drive continued momentum in fee revenue."