BUZZ-UBS raises PT of US banks ahead of Q2 results next week
Citigroup Inc. C | 0.00 | |
Bank of America Corp BAC | 0.00 | |
Wells Fargo & Company WFC | 0.00 | |
Morgan Stanley MS | 0.00 | |
Jpmorgan Chase JPM | 0.00 |
** UBS says U.S. banks are benefiting from accelerating loan growth, a revival in investment banking and trading activity, and a resilient U.S. economy
** UBS raises its price targets on Goldman Sachs GS.N, Morgan Stanley MS.N, Citigroup C.N, Bank of America BAC.N and JPMorgan Chase JPM.N, while trimming its target on Wells Fargo WFC.N
** Brokerage expects earnings beats to be driven mainly by investment banking and trading
** UBS sees C and WFC as cleaner outperformers among the large U.S. banks, citing C's net interest income tailwinds and strength in capital markets, and WFC's relatively low buy-side expectations
** Brokerage added JPM appeared well-positioned to beat estimates
** "We think bank leadership teams have done a good job framing the puts and takes around loan volumes this quarter," UBS says
** Goldman Sachs fell 1.4% and Morgan Stanley dipped 0.3%, while Citigroup rose 1.2%, Bank of America gained 0.5%, JPMorgan Chase added 0.4% and Wells Fargo edged up 0.1%
** The U.S. big banks are scheduled to report second-quarter results next week