Citigroup analyst Keith Horowitz upgraded Wells Fargo to a buy, reiterated a bullish view on M&T Bancorp and cut ratings on five other banks on Monday.
The key development from January has been the quick onset of inflation as a rally in bank stocks from last year turned into stock losses thus far in 2022. The Financial Select Sector SPDR ETF XLF, +0.69% is down 3.4% this year, compared to a 7.4% drop by the S&P 500 SPX, +1.19%. Horowitz reiterated buy ratings on Bank of America Corp. BAC, +0.63%, Comerica Inc. CMA, +0.64%, Goldman Sachs Group Inc. GS, +1.65%, Morgan Stanley MS, +1.87%, M&T Bank Corp MTB, +0.28% and Regions Financial Corp. RF, +0.80%. He cut Bank of America’s price target to $47 from $57, trimmed Comerica’s price target to $110 from $115; Goldman Sachs to $400 from $455; Morgan Stanley to $100 from $125, M&T Bank to $190 from $220 and Regions Financial to $25 from $27 a share.
Horowitz cut his ratings to neutral from buy on BNY Mellon Corp. BK, +0.60% , Citizens Financial Group CFG, -0.05% , State Street Corp. STT, +1.00% , Truist Financial Corp. TFC, +0.41% , and U.S. Bancorp USB, -0.14% .
Primary Dealers and the biggest banks who own them have enormous hidden losses... As market conditions tighten ...and margin calls beget losses, which beget more margin calls, those hidden losses will start to show up.
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