Bank of America price target cut to $35 from $36 at Credit Suisse. Credit Suisse analyst Susan Roth Katzke maintained a Neutral rating on Bank of America (BAC) but cut her price target to $35 from $36. In a research note to investors, she says that she has increased the weighting on her "gray sky valuation" to 25% from 15% and reduced the weighting on her "blue sky scenario" to 25% from 35%, and while she does not anticipate an imminent turn in the cycle, she feels she must recognize some increased probability relative to the status quo. For Bank of America, she says organic revenue growth, visible operating leverage, manageable credit cost increases and capital efficiency will drive realization of franchise value. The analyst also lowered her price targets on other large banks, including Morgan Stanley (MS), PNC (PNC), State Street (STT), Goldman Sachs (GS), JPMorgan (JPM) and Wells Fargo (WFC).
PNC Financial price target cut to $146 from $150 at Credit Suisse. Credit Suisse analyst Susan Roth Katzke maintained a Neutral rating on PNC Financial (PNC) but cut her price target to $146 from $150. In a research note to investors, she says that she has increased the weighting on her "gray sky valuation" to 25% from 15% and reduced the weighting on her "blue sky scenario" to 25% from 35%, and while she does not anticipate an imminent turn in the cycle, she feels she must recognize some increased probability relative to the status quo. The analyst also lowered her price targets on other large banks, including Morgan Stanley (MS), Bank of America (BAC), State Street (STT), Goldman Sachs (GS), JPMorgan (JPM) and Wells Fargo (WFC).
Wells Fargo price target cut to $60 from $62 at Credit Suisse. Credit Suisse analyst Susan Roth Katzke maintained a Neutral rating on Wells Fargo (WFC) but cut her price target to $60 from $62. In a research note to investors, she says that she has increased the weighting on her "gray sky valuation" to 25% from 15% and reduced the weighting on her "blue sky scenario" to 25% from 35%, and while she does not anticipate an imminent turn in the cycle, she feels she must recognize some increased probability relative to the status quo. The analyst also lowered her price targets on other large banks, including Morgan Stanley (MS), PNC (PNC), Bank of America (BAC), State Street (STT), Goldman Sachs (GS) and JPMorgan (JPM).
JPMorgan price target cut to $128 from $130 at Credit Suisse. Credit Suisse analyst Susan Roth Katzke maintained an Outperform rating on JPMorgan (JPM) but lowered her price target to $128 from $130. In a research note to investors, she says that she has increased the weighting on her "gray sky valuation" to 25% from 15% and reduced the weighting on her "blue sky scenario" to 25% from 35%, and while she does not anticipate an imminent turn in the cycle, she feels she must recognize some increased probability relative to the status quo. The analyst also lowered her price targets on other large banks, including Morgan Stanley (MS), PNC (PNC), Bank of America (BAC), Goldman Sachs (GS), State Street (STT) and Wells Fargo (WFC).
Goldman Sachs price target cut to $258 from $280 at Credit Suisse. Credit Suisse analyst Susan Roth Katzke maintained an Outperform rating on Goldman Sachs (GS), but lowered her price target to $258 from $280. In a research note to investors, she says that she has increased the weighting on her "gray sky valuation" to 25% from 15% and reduced the weighting on her "blue sky scenario" to 25% from 35%, and while she does not anticipate an imminent turn in the cycle, she feels she must recognize some increased probability relative to the status quo. She says Goldman remains her most levered play on the capital markets. The analyst also lowered her price targets on other large banks, including PNC (PNC), Bank of America (BAC), State Street (STT), JPMorgan (JPM) and Wells Fargo (WFC).
State Street price target cut to $80 from $88 at Credit Suisse. Credit Suisse analyst Susan Roth Katzke maintained a Neutral rating on State Street (STT) but cut her price target to $80 from $88. In a research note to investors, she says that she has increased the weighting on her "gray sky valuation" to 25% from 15% and reduced the weighting on her "blue sky scenario" to 25% from 35%, and while she does not anticipate an imminent turn in the cycle, she feels she must recognize some increased probability relative to the status quo. The analyst also lowered her price targets on other large banks, including Morgan Stanley (MS), PNC (PNC), Bank of America (BAC), Goldman Sachs (GS), JPMorgan (JPM) and Wells Fargo (WFC).
Morgan Stanley price target cut to $58 from $62 at Credit Suisse. Credit Suisse analyst Susan Roth Katzke maintained an Outperform rating on Morgan Stanley (MS), but lowered her price target to $58 from $62. In a research note to investors, she says that she has increased the weighting on her "gray sky valuation" to 25% from 15% and reduced the weighting on her "blue sky scenario" to 25% from 35%, and while she does not anticipate an imminent turn in the cycle, she feels she must recognize some increased probability relative to the status quo. She continues to recommend purchasing Morgan Stanley shares. The analyst also lowered her price targets on other large banks, including PNC (PNC), Bank of America (BAC), State Street (STT), Goldman Sachs (GS), JPMorgan (JPM) and Wells Fargo (WFC).
Goldman's Petershill unit is acquiring a stake in General Catalyst, a venture capital firm, for about $200M, The Wall Street Journal reports, citing a person familiar with the situation. The stake will be in the high single-digit percentages, another person says. Reference Link
Cisco SVP Gupta hosts a conference call with Goldman Sachs Analyst Rod Hall to discuss Cisco's Enterprise strategy on December 3 at 12 pm. Webcast Link
Cisco SVP Gupta hosts a conference call with Goldman Sachs Analyst Rod Hall to discuss Cisco's Enterprise strategy on December 3 at 12 pm. Webcast Link
