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Fly News Breaks for February 28, 2020
ZION, BAC, CMA, RF, PNC, USB, GS, MS, KEY, JPM, FITB, C, MTB
Feb 28, 2020 | 06:41 EDT
Wells Fargo analyst Mike Mayo lowered the firm's price estimates on large banks by about 10% citing the impact of interest rates, including a lower 10 year treasury and two assumed Fed rate cuts, capital markets, including less activity, lower equity values, and more risk-off, and less growth, which he expects to be partially mitigated by better mortgage and possible re-intermediation to lending markets from capital markets. The most interest rate sensitive stocks remain Comerica (CMA), Zions (ZION) and Regions (RF) along with a favorite long-term pick Bank of America (BAC) albeit with near-term pain. The analyst also highlights geographic exposures, and despite their sizable international footprints, still favors Citi (C) and JPMorgan (JPM) long-term while recognizing the near-term risks. The analyst lowered his price target for Citi to $94 from $100, for Goldman (GS) to $260 from $300, for Morgan Stanley (MS) to $50 from $58, for JPMorgan to $148 from $155, for USB (USB) to $50 from $61, for Regions Financial to $15 from $18, for PNC (PNC) to $141 from $170, for Fifth Third (FITB) to $27 from $33, for KeyCorp (KEY) to $17 from $20 and for M&T Bank (MTB) to $155 from $180.
News For MTB;C;FITB;JPM;KEY;MS;GS;USB;PNC;RF;CMA;BAC;ZION From the Last 2 Days
KEY, FITB
Apr 19, 2021 | 14:11 EDT
Notable companies reporting before tomorrow's open, with earnings consensus, include Johnson & Johnson (JNJ), consensus $2.34... Procter & Gamble (PG), consensus $1.19... Abbott (ABT), consensus $1.27... Philip Morris (PM), consensus $1.40... Lockheed Martin (LMT), consensus $6.30... Travelers (TRV), consensus $2.37... Fifth Third Bancorp (FITB), consensus 69c... KeyCorp (KEY), consensus 48c... Omnicom (OMC), consensus $1.13.
ZION
Apr 19, 2021 | 14:09 EDT
Notable companies reporting after the market close, with earnings consensus, include IBM (IBM), consensus $1.68... United Airlines (UAL), consensus ($7.05)... Crown Holdings (CCK), consensus $1.39... Steel Dynamics (STLD), consensus $1.89... Zions Bancorp (ZION), consensus $1.16.
C
Apr 19, 2021 | 10:43 EDT
Citigroup has appointed Philip Drury to head a new investment-banking unit centered on advising companies in technology, media, entertainment, data and telecommunications, Bloomberg's Jennifer Surane and Liana Baker report, citing an internal memo. Drury, who currently leads the banking, capital markets and advisory division in Europe, the Middle East and Africa, will transition to San Francisco for his new position as global head of the technology and communications group. Reference Link
CMA, KEY
Apr 19, 2021 | 09:50 EDT
Don Bilson, who heads event-driven research at Gordon Haskett, said in a note to investors that it is "getting harder to ignore the consolidation wave that is now rolling through the regional banking space." In that context, he noted that "a couple of other banks we have our eye on will be reporting tomorrow," specifically KeyBank (KEY) and Comerica (CMA). While stating that he has "always thought" Comerica "would be a nice pickup" for KeyBank to turn the latter into a national bank, Bilson added that "to be clear, we don't assign a very high probability to this happening." However, "just to hedge our bets," Bilson noted that jet tracking data shows that a KeyBank jet flew to Dallas last Wednesday, adding that data going back 18 months "has never seen KEY in Dallas before." Comerica's corporate headquarters is located in Dallas, Texas.
MTB
Apr 19, 2021 | 08:56 EDT
Check out this morning's top movers from around Wall Street, compiled by The Fly.  HIGHER - Knoll... To see the rest of the story go to thefly.com. See Story Here
PNC
Apr 19, 2021 | 08:09 EDT
Stephens analyst Terry McEvoy raised the firm's price target on PNC Financial to $195 from $190 after the company's report of Q1 earnings that were "well-above" his estimate. While McEvoy has "a positive bias towards future earnings" and thinks the company is being conservative on loan growth expectations and the ability to deploy excess liquidity, he keeps an Equal Weight rating on PNC shares.
JPM
Apr 19, 2021 | 06:24 EDT
JPMorgan allegedly treated six indicted employees from a 2019 probe better than an executive, Donald Turnbull, who cooperated with investigators, Kathlanne Boniello of the New York Post reports, citing a lawsuit filed by Turnbull. The lawsuit claims the six indicted employees were released from their jobs "favorably," while Turnbull was canned and faced JPMorgan's threats to 'claw back his prior compensation,' the lawsuit said, according to Boniello. Reference Link