Nomura Instinet analyst Bill Carcache upgraded Ally Financial to Buy from Neutral with an unchanged price target of $36. Although the acquisition of CardWorks broadens Ally's consumer lending portfolio, makes it more directly comparable to consumer finance peers, and positions it for earnings accretion, concerns around book value dilution led shares to trade lower by 12% on Wednesday, Carcache tells investors in a research note. The analyst expects the company's improved return profile to drive multiple expansion going forward. He believes yesterday's selloff creates an attractive entry point.