Wells Fargo lowered the firm’s price target on Ally Financial (ALLY) to $32 from $34 and keeps an Underweight rating on the shares. The firm cites a solid quarter with improved credit performance. There are a lot of cheap stocks in consumer finance, and Wells continues to see better value in other names. It also believes forward estimates for Ally have downside risk. And share buybacks remain on hold, the firm adds.
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