Wall Street analysts are reshuffling their views on US financials. The moves follow a busy earnings week across the banking sector.
Bank of America was the standout downgrade. Analysts cut their recommendation on the stock. The consensus slipped from three holds to four holds, with sells rising to offset. The average target price still nudged up to $66.79. The $422 billion market cap bank carries just 1.3% short interest — bears are not piling in.
Goldman Sachs attracted two separate target price increases in quick succession. The average target rose from $1,019 to $1,041. Consensus shows 15 buys against seven sells. Analysts appear encouraged by the investment bank's trading revenues.
JPMorgan Chase also saw its target lifted to $358.29. The stock has zero sell ratings among the 24 analysts tracked. It remains the most widely covered US bank with an entirely buy-or-hold consensus.
Nasdaq, Inc. got a quiet target bump to $106.53. Fourteen analysts hold the exchange operator at a buy. IBM received a fresh new recommendation, pushing its buy count to three with an average target of $284.53.
GE Aerospace rounded out the upgrades with its target raised to $381.86, backed by 17 buy ratings.
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