Truist raised the firm’s price target on Ally Financial (ALLY) to $44 from $41 and keeps a Buy rating on the shares. The firm has adjusted both retail auto charge-offs and net interest margins slightly higher in the upcoming quarter, stating that it is “pretty clear” that the auto lending book is turning a corner as the problematic 2022 and first-half 2023 vintages burn off, with margin expansion from core balance sheet that could outpace the 20bps card sale headwind, the analyst tells investors in a research note.
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