Tuesday, October 26, 2010

Oppenheimer Ups Price Targets on Citigroup, JP Morgan; Wells Fargo (C; JPM; WFC)

From Barron's Stocks to Watch Today blog:

Citigroup: Focus On Credit Improvement, Says Oppenheimer
Looking over the Q3 reports from Citigroup (C), Goldman Sachs (GS), JP Morgan Chase (JPM), Morgan Stanley (MS), US Bancorp (USB), and Wells Fargo (WFC), Oppenheimer & Co. banking analyst Chris Kotowski writes that the hand-wringing over every new scandal to hit banking is ignoring the improvement in the main metric that matters, credit quality.
C, GS, JPM, MS, WFC, USB remain picks for Kotowski, who argues they are “extraordinarily attractively valued given how broad and pervasive the recovery in credit quality is.”...
....Kotowski raised his price target on Citi from $4.45 to $5.20. He’s keeping his target on Goldman at $185. For JP Morgan stock, he raised his target to $60 from $51.for Morgan Stanley, his target stays at $32. For US Bancorp, his target stays at $29. And for Wells Fargo, Kotowski raised his price target to $42 from $36....MORE