Credit Suisse Gets Less Bullish on Financials (BAC, C, GS, MS, WFC)

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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 .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: BAC , C , GS , MS , WFC

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