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Fly News Breaks for October 8, 2019
ALLY
Oct 8, 2019 | 06:41 EDT
JPMorgan analyst Richard Shane downgraded Ally Financial to Neutral from Overweight with a price target of $33, down from $35. The company's upside and downside risk are "now reasonably balanced," Shane tells investors in a research note. While the analyst expects "solid" Q3 and Q4 earnings, he believes the "persistent tailwinds" of low unemployment and strong used car prices appear to be fully reflected in forward estimates. This creates a "potentially asymmetric revision profile," says Shane.
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