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In a report published Tuesday, Morgan Stanley analyst Betsy L. Graseck initiated coverage on
Ally FinancialALLY with an Overweight rating and $30.00 price target.
In the report, Morgan Stanley noted, “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 Financial closed on Monday at $24.45.
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