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JPM

JPMorgan

$93.78

-0.34 (-0.36%)

, PNC

PNC Financial

$132.92

-0.6 (-0.45%)

10:40
09/26/17
09/26
10:40
09/26/17
10:40

Deutsche moves to the sidelines on JPMorgan, PNC

Shares of JPMorgan (JPM) and PNC Financial (PNC) are slipping after Deutsche Bank analyst Matt O'Connor downgraded both stocks to Hold from Buy, saying he is seeking to lessen exposure to traditional banks. The analyst argued that further outperformance seems harder to achieve going forward given increasing competition. YIELD CURVE TO FLATTEN: In a research note to investors, Deutsche Bank analyst Matt O'Connor said he continues to believe the yield curve will flatten as the Fed raises short rates, the unwind of the Fed's bond book is not likely to meaningfully impact the demand/supply of those assets, and economic growth seems unlikely to accelerate significantly. The analyst argued that he continues to prefer banks with a turnaround angle, such as Goldman Sachs (GS) and Wells Fargo (WFC), and remains positive on capital market businesses, which supports his Buy rating on Morgan Stanley (MS). DOWNGRADING JPMORGAN: Deutsche Bank's O'Connor downgraded JPMorgan to Hold from Buy, telling investors that he seeks to lessen exposure to traditional banks. Noting that JPMorgan shares have been a "consistent outperformer" the past few years, he argued that further "meaningful outperformance" seems harder given increased competition within investment banking and trading, likely higher credit card losses, and slowing loan growth while the yield curve flattens. Additionally, O'Conner pointed out that JPMorgan's valuation is not high, but is also not cheap, raising his price target for the shares to $96 from $90. SIDELINING PNC: O'Connor also downgraded PNC Financial to Hold from Buy, citing similar reasons. While the analyst sees a number of positives, including good cost control, strong credit and capital management and better loan growth versus peers, he believes that this seems to be already priced in the stock, and further multiple expansion seems "harder to argue." PNC has a "good" mix of fee businesses, but net interest income growth is in part dependent on higher long-term rates, which will be tougher given a flatter yield curve and only moderate loan growth, he contended. Additionally, O'Connor argued that PNC has done "a nice job" outgrowing peers in lending, but it is not clear how sustainable this will be. PRICE ACTION: In morning trading, shares of JPMorgan are fractionally down to $93.69, while PNC's stock has slipped about 0.6% to $132.79.

JPM

JPMorgan

$93.78

-0.34 (-0.36%)

PNC

PNC Financial

$132.92

-0.6 (-0.45%)

GS

Goldman Sachs

$230.47

0.21 (0.09%)

WFC

Wells Fargo

$54.07

0.04 (0.07%)

MS

Morgan Stanley

$47.55

-0.19 (-0.40%)

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JPM JPMorgan
$93.78

-0.34 (-0.36%)

09/26/17
09/26/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. JPMorgan (JPM) and PNC Financial (PNC) were downgraded to Hold from Buy at Deutsche Bank. 2. Aflac (AFL) downgraded to Sell from Neutral at Citi with analyst Suneet Kamath saying the company is at an inflection point as Aflac Japan is too large to show meaningful growth and Aflac U.S. is "too small to move the growth needle." 3. Cardtronics (CATM) downgraded to Market Perform from Outperform at William Blair with analyst Robert Napoli citing the changes in the Australian market. 4. Cheesecake Factory (CAKE), Shake Shack (SHAK), and Habit Restaurants (HABT) were downgraded to Neutral from Outperform at Wedbush. 5. Genocea (GNCA) downgraded to Hold from Buy at Stifel with analyst Stephen Willey saying his visibility and confidence "remains admittedly low" after the company shelved GEN-003 and said it will shift focus on immuno-oncology and the development of neoantigen cancer vaccines. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/09/17
WELS
08/09/17
INITIATION
Target $110
WELS
Outperform
JPMorgan resumed with an Outperform at Wells Fargo
Wells Fargo analyst Mike Mayo resumed coverage JPMorgan with an Outperform rating and $110 price target.
09/26/17
DBAB
09/26/17
DOWNGRADE
Target $96
DBAB
Hold
JPMorgan downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Matt O'Connor downgraded JPMorgan to Hold as he seeks to lessen exposure to traditional banks. The analyst sees net interest income growth slowing and credit costs inching up as the Fed raises short rates and the yield curve flattens. He believes further meaningful outperformance of JPMorgan shares will be harder amid increased competition within investment banking and trading as well as slowing loan growth. The analyst raised his price target for the shares to $96 from $90. The bank closed yesterday down 71c to $94.12.
09/26/17
DBAB
09/26/17
DOWNGRADE
Target $136
DBAB
Hold
PNC Financial downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Matt O'Connor downgraded PNC Financial (PNC) to Hold as he seeks to lessen exposure to traditional banks. The analyst sees net interest income growth slowing and credit costs inching up as the Fed raises short rates and the yield curve flattens. He believes a number of positives are priced into PNC shares. O'Connor upped his price target for the stock to $136 from $130. The analyst continues to prefer banks with a "turnaround angle," like Goldman Sachs (GS) and Wells Fargo (WFC), and remains positive on capital markets businesses like Morgan Stanley (MS). O'Connor this morning also downgraded JPMorgan (JPM) to Hold.
PNC PNC Financial
$132.92

-0.6 (-0.45%)

08/09/17
WELS
08/09/17
INITIATION
Target $119
WELS
Market Perform
PNC Financial resumed with a Market Perform at Wells Fargo
Wells Fargo analyst Mike Mayo resumed coverage of PNC Financial with a Market Perform rating and $119 price target.
07/17/17
RAFF
07/17/17
UPGRADE
RAFF
Buy
PNC Financial upgraded to Buy from Hold at Rafferty Capital
GS Goldman Sachs
$230.47

0.21 (0.09%)

08/09/17
WELS
08/09/17
INITIATION
Target $265
WELS
Outperform
Goldman Sachs resumed with an Outperform at Wells Fargo
Wells Fargo analyst Mike Mayo resumed coverage of Goldman Sachs (GS) with an Outperform rating and $265 price target. The analyst prefers Goldman over Morgan Stanley (MS), saying the bank has about "twice as fast" organic revenue growth for more than 20 years, and "much faster" earnings growth over 15 years. Mayo named Citi (C) his top pick among the Large-Cap banks.
09/12/17
KBWI
09/12/17
NO CHANGE
KBWI
Market Perform
Keefe Bruyette 'somewhat skeptical' of Goldman Sachs revenue targets
Keefe Bruyette analyst Brian Kleinhanzl noted that Goldman Sachs co-COO Harvey Schwartz identified $5B in revenue opportunities that the company sees over the next 3 years, though he is "somewhat skeptical" of the bank's ability to hit these targets given that its strategy requires penetrating new markets or segments outside of its traditional strengths. The analyst, who thinks Goldman remains a "show-me stock," keeps a Market Perform rating on the shares.
08/11/17
HSBC
08/11/17
DOWNGRADE
HSBC
Hold
Goldman Sachs downgraded to Hold from Buy at HSBC
WFC Wells Fargo
$54.07

0.04 (0.07%)

07/31/17
07/31/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Altria Group (MO) upgraded to Sector Perform from Underperform at RBC Capital with analyst Nik Modi saying he believes the FDA's tobacco announcement on Friday was "very much in line" with industry expectations despite the surprise to investors. 2. American Airlines (AAL) upgraded to Outperform from Market Perform at Cowen. 3. Baidu (BIDU) upgraded to Buy from Neutral at Nomura Instinet with analyst Jialong Shi-NIHK citing accelerating revenue momentum driven by news feed ads and an undervalued video business. 4. Wells Fargo (WFC) upgraded to Market Perform from Underperform at BMO Capital with analyst James Fotheringham citing valuation. The firm also ended its pair trade call of going long Citi (C) and short Wells Fargo. 5. GoPro (GPRO) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Yuuji Anderson saying valuation better reflects efforts to driver better product cycles through software improvements. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/14/17
SBSH
09/14/17
NO CHANGE
SBSH
Buy
Citi says business model not broken, time to buy Wells Fargo
Citi analyst Keith Horowitz proclaims now is the time to buy shares of Wells Fargo. Over the past year, the company's total return is up 7% versus 36% for peers, Horowitz tells investors in a research note. He attributes all the underperformance to lower multiple expansion. Wells now trades at the highest implied cost of equity at 10.9% on the analyst's valuation screen, which he says has historically been a very good buy indicator. Horowitz believes Wells Fargo's business improved, not broken. The company's issue is an "aggressive sales culture encouraged the wrong behavior leading to strong account generation," which had an immaterial impact to earnings, Horowitz writes. He believes the bank's fundamental outlook has not changed.
09/15/17
UBSW
09/15/17
NO CHANGE
Target $56
UBSW
Neutral
Wells Fargo revenue headwinds can persist, says UBS
UBS analyst Saul Martinez said proprietary analysis suggests Wells Fargo's difficult backdrop for client acquisition remains and the recent disclosures have kept the company in the spotlight for the wrong reasons. He believes earnings growth depends on efficiency improvement and more aggressive stock buybacks. Martinez maintained his Neutral rating and lowered his price target to $56 from $59 on Wells Fargo shares.
MS Morgan Stanley
$47.55

-0.19 (-0.40%)

08/09/17
WELS
08/09/17
INITIATION
Target $48
WELS
Market Perform
Morgan Stanley resumed with a Market Perform at Wells Fargo
Wells Fargo analyst Mike Mayo resumed coverage of Morgan Stanley with a Market Perform rating and $48 price target.
09/15/17
HSBC
09/15/17
UPGRADE
Target $53
HSBC
Buy
Morgan Stanley upgraded to Buy from Hold at HSBC
HSBC analyst Alevizos Alevizakos upgraded Morgan Stanley to Buy with a slightly reduced price target of $53.

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