Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
It’s a big week for big banks as they continue striving to deliver earnings in what is likely the harshest banking environment in history. Yet, Berenberg sees the potential for significant upside for selective bank investors ahead of Q2 earnings.
U.S. banks face unprecedented regulation and capital requirements in the wake of the Financial Crisis, and geopolitical uncertainty following the Brexit vote has likely delayed the next Federal Reserve interest rate hike. Historically-low interest rates have severely compressed banks’ net interest margins, making it difficult to deliver much earnings growth.
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Despite the harsh banking environment, a selloff in banking stocks has left many of the big banks trading at the low end of their historical valuation ranges.
Berenberg has initiated coverage on the following six bank stocks:
- Citigroup Inc (NYSE: C): Buy; $50 price target
- Bank of America Corp (NYSE: BAC): Buy; $15 price target
- Morgan Stanley (NYSE: MS): Hold; $29 price target
- Wells Fargo & Co (NYSE: WFC): Hold; $45 price target
- Goldman Sachs Group Inc (NYSE: GS): Hold; $140 price target
- JPMorgan Chase & Co. (NYSE: JPM): Sell; $52 price target
JPMorgan kicks of big bank Q2 earnings season on Thursday, followed by Wells Fargo and Citigroup on Friday.
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Disclosure: The author is long C and BAC.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.