Evercore ISI is adding Ally Financial to the firm’s “Tactical Outperform” list on the contention that the stock “appears oversold in the near term.” While the company’s fundamental outlook and valuation has been adversely impacted by the challenging interest rate backdrop and weakening consumer credit, the firm believes emerging efforts to contain expense growth, coupled with stabilizing-to-improving used car values, “bode well and could present near term upside to the stock’s discount valuation,” the analyst tells investors. Evercore has an In Line rating and $30 price target on Ally shares.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on ALLY:
- Ally Financial (NYSE:ALLY) to Cut 5% of its Workforce
- Ally Financial tells Bloomberg job cuts started, less than 5% of staff impacted
- Ally Financial put volume heavy and directionally bearish
- Ally Financial price target lowered to $31 from $32 at Goldman Sachs
- Ally Financial price target raised to $31 from $30 at Piper Sandler