Oppenheimer downgrades Goldman, Morgan Stanley, BofA, Citi as tide turns

Analyst
โดย Seeking Alpha·Read original
Summary · why it matters

Oppenheimer downgraded Goldman Sachs and Morgan Stanley to Underperform from Perform, and Bank of America and Citigroup to Perform from Outperform, citing a shift to a later part of the cycle. Analyst Chris Kotowski noted that commercial banks are trading at 78% relative price-to-earnings versus a 75% historical average, while investment banks are at 107% relative P/E against a 70% average. The firm recommends limiting large-cap bank exposure to US Bancorp and PNC Financial, and redeploying funds into alternative asset managers Ares Management, Blackstone, and KKR. Kotowski added that trading activities currently pose a greater risk than traditional lending.

Impact on stocks 9

Financials▼ · 6 stocks
Bank of America Corp
BAC
▼ NegativeCapitalrelevance

Oppenheimer downgraded Bank of America to Perform from Outperform, citing late-cycle shift and valuation concerns.

Goldman Sachs Group Inc
GS
▼ NegativeCapitalrelevance

Oppenheimer downgraded Goldman Sachs to Underperform from Perform, citing elevated relative P/E and late-cycle risks.

Morgan Stanley
MS
▼ NegativeCapitalrelevance

Oppenheimer downgraded Morgan Stanley to Underperform from Perform, citing elevated relative P/E and late-cycle risks.

Digital Finance & Tokenization▼ · 1 stocks
Citigroup Inc.
C
▼ NegativeCapitalrelevance

Oppenheimer downgraded Citigroup to Perform from Outperform, citing late-cycle shift and valuation concerns.

Artificial Intelligence▲ · 1 stocks
Aging Population▲ · 1 stocks
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