Express News | Citigroup Inc. : Oppenheimer Raises Target Price to $87 From $86
Goldman Sachs: Buying after a 5% decline in the S&P 500 index is usually profitable.
Goldman Sachs' analysis of 40 years of data shows that buying US stocks after a drop the size of the one that occurred in the past month is usually profitable. The Goldman Sachs strategy team led by David Kostin said that since 1980, the median return of the S&P 500 index in the three months after falling 5% from its recent highs is 6%. The benchmark index has already fallen 8.5% from its mid-July peak. "A 10% correction also often becomes an attractive buying opportunity," Kostin wrote in the report, although rebound records in the past are not as robust as they were after smaller drops. Research shows that in 84% of cases,
Oppenheimer Adjusts Price Target on Citigroup to $87 From $86, Maintains Outperform Rating
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Citigroup strategist believes it is still too early to buy at the current dip.
Citigroup strategists said that positions are just starting to decrease, and the risk tends to further closing by investors. They recommend waiting and buying on dips. Analysts led by Beata Manthey wrote that the model gives a buy recommendation, but they will only be more willing to buy after there is clear evidence of further comprehensive closing. Nasdaq's holding position is still net long, while other markets are more neutral, which may lead to further closing of short-term risks. Reasons for maintaining caution include: EPS and economic momentum decline, geopolitical risks, overly skewed positions, and historically high volatility during quiet market trading, such as
US Bank Stocks Tumble; Weak Economic Data Sparks Recession Fears
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Express News | Shares of Banking Companies Are Trading Lower Amid Overall Market Weakness on US Economic Concerns
Big Banks Reevaluating Fed Rate Cut Forecasts
Chicago Fed President Charles Evans: Fed will not overreact.
Chicago Federal Reserve Bank President, Charles Evans reiterated that the central bank's duty is not to react to weak monthly employment data, and added that market volatility is far greater than the actions of the Federal Reserve. Last week's economic data in the United States was weak, especially the employment report last Friday which was below expectations, causing concerns for an economic recession and fueling a global stock market crash. Evans said that there are some alarming indicators, such as an increase in consumer loan delinquencies, but economic growth remains at a "fairly stable level." Evans said on CNBC on Monday: "As you can see, the employment data was weaker than expected, but it doesn't look like the economy"
Express News | Shares of Wells Fargo Down 4.8%, Citigroup Down 7.3%, Goldman Sachs Down 6.6%
Express News | Shares of Big US Banks Fall; Shares of JPMorgan Down 3.8%, Morgan Stanley Down 4%, Bank of America Down 5.9%
Express News | Bank Stocks Fall Premarket on U.S. Recession Fears
Express News | JPMorgan Down 3.1%, Wells Fargo Down 1.6%, Goldman Sachs Down 1.6%, Morgan Stanley Down 3.7%, Citigroup Down 4.5%, Bank of America Down 4.4%
Barclays Maintains Citigroup(C.US) With Hold Rating, Maintains Target Price $63
KBW Maintains Citigroup(C.US) With Hold Rating, Cuts Target Price to $67
Express News | Citigroup : KBW Cuts Target Price to $67 From $69
Goldman Sachs economists have raised the probability of a US economic recession to 25%, but believe the risk is "limited".
Goldman Sachs economists have raised the probability of a US economic recession in the next year from 15% to 25%, but they say there are several reasons why the recession need not be feared even if the unemployment rate rises. "We still believe that the risk of a recession is limited," said Jan Hatzius and other Goldman Sachs economists in a report to clients on Sunday. They said the US economy still looks "overall good", with no major financial imbalances, the Federal Reserve has a lot of room to cut interest rates, and can cut them quickly when necessary. Data released last week showed that the slowdown in US job growth in July was greater than expected, and the unemployment rate rose to the highest level in nearly three years.