Ally Financial price target raised to $59 from $55 at Citi

Citi analyst Keith Horowitz raised the firm’s price target on Ally Financial (ALLY) to $59 from $55 and keeps a Buy rating on the shares. Bank stocks have recovered significantly since Q1 earnings, notes the analyst, who likes Ally, Wells Fargo (WFC) and Fifth Third (FITB) into their Q2 reports. Heading into Q2 earnings from the group, the firm believes credit concerns have receded and while the market seems focused on deregulation and a capital markets rebound, Citi sees greatest upside among regionals, where it expects faster tangible book value growth and improving returns from pull-to-par of securities and swap books, the analyst tells investors.