Analysts at Credit Suisse on Monday issued negative calls on
several major U.S. financial stocks.
The firm made the following bearish moves:
- Bank of America (
BAC
) - Price target cut to $13 and estimates reduced, citing lower
investment banking and trading outlook. Maintained "Outperform"
rating however.
- Citigroup (
C
) - Price target lowered to $50 and estimates cut, given lower
expected sales. Maintained "Neutral" rating.
- Goldman Sachs (
GS
) - Estimates slashed through 2013, citing weak asset prices and
client activity. Still rated an "Outperform" with a $145 price
target.
- Morgan Stanley (
MS
) - Price target cut to $28 and estimates reduced, citing capital
markets weakness. Still rated an "Outperform."
- Wells Fargo (
WFC
) - "Neutral" rating reiterated but estimates lowered through
2013, given lower net interest margins.
The Bottom Line
Shares of Bank of America (
BAC
) have a .65% dividend yield, based on Friday's closing stock price
of $6.12. The stock has technical support in the $4-$5 price area.
If the shares can firm up, we see overhead resistance around the
$8-$9 price levels. Shares of Citigroup (
C
) have a .16% dividend yield, based on Friday's closing stock price
of $25.62. The stock has technical support in the $17-$20 price
area. If the shares can firm up, we see overhead resistance around
the $30-$32 price levels. Shares of Goldman Sachs (
GS
) have a 1.48% dividend yield, based on Friday's closing stock
price of $94.55. The stock has technical support in the $85-$91
price area. If the shares can firm up, we see overhead resistance
around the $100-$107 price levels. Shares of Morgan Stanley (
MS
) have a 1.48% dividend yield, based on Friday's closing stock
price of $13.61. The stock has technical support in the $10-$12
price area. If the shares can firm up, we see overhead resistance
around the $19-$20 price levels. Shares of Wells Fargo (
WFC
) have a 1.99% dividend yield, based on Friday's closing stock
price of $24.12. The stock has technical support in the $19-$20
price area. If the shares can firm up, we see overhead resistance
around the $26-$28 price levels.
None of the dividend stocks mentioned in this article have a
high enough DARS& Rating to qualify for our "Recommended"
list.
Be sure to visit our complete recommended list of the
Best Dividend Stocks
, as well as a detailed explanation of
our ratings system here
.