Ally Financial Receives New Coverage from Analysts at Morgan Stanley (ALLY)
Stock analysts at Morgan Stanley initiated coverage on shares of Ally Financial (NYSE:ALLY) in a report issued on Tuesday. The firm set an “overweight” rating and a $30.00 price target on the stock. Morgan Stanley’s price objective indicates a potential upside of 22.70% from the company’s current price.
The analysts wrote, “Ally Financial is the largest non-captive provider of automotive financing products (commercial & retail loans and leases) in the US and the 19th largest bank holding company with a premium online direct banking platform. “We expect auto finance to continue to benefit from positive tailwinds, including (1) an improving economy and declining jobless claims, (2) a rising housing market driving strong consumer confidence and balance sheet, and (3) easing credit and still low interest rates (compared to historical levels). We think Ally’s leading franchise and diversified funding model position the company to benefit from these tailwinds.”
ALLY has been the subject of a number of other recent research reports. Analysts at Bank of America initiated coverage on shares of Ally Financial in a research note on Tuesday. They set a “neutral” rating and a $26.00 price target on the stock. Separately, analysts at Evercore Partners initiated coverage on shares of Ally Financial in a research note on Tuesday. They set an “equal weight” rating and a $26.00 price target on the stock. Finally, analysts at Credit Suisse initiated coverage on shares of Ally Financial in a research note on Tuesday. They set a “neutral” rating and a $27.00 price target on the stock. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $27.92.
Shares of Ally Financial (NYSE:ALLY) traded down 0.57% during mid-day trading on Tuesday, hitting $24.31. 597,168 shares of the company’s stock traded hands. Ally Financial has a 52-week low of $23.76 and a 52-week high of $27.9032. The stock has a 50-day moving average of $26.92 and a 200-day moving average of $26.62. The company’s market cap is $11.664 billion.
Ally Financial (NYSE:ALLY) last announced its earnings results on Thursday, May 1st. The company reported $0.33 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.42 by $0.09. On average, analysts predict that Ally Financial will post $1.69 earnings per share for the current fiscal year.
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