Regional Bank Analyst Slashes Price Targets Across The Board: 'Interest Rates Pose Significant Risk'
Regional Bank Analyst Slashes Price Targets Across The Board: 'Interest Rates Pose Significant Risk'
The $SPDR S&P 500 ETF (SPY.US)$ stabilized Monday, but extreme volatility among U.S. regional banks is ongoing in the wake of the failures of $SVB Financial (SIVB.US)$, $Signature Bank (SBNY.US)$ and $Silvergate Capital (SI.US)$.
這個$SPDR 標普500指數ETF (SPY.US)$週一企穩，但在雷曼兄弟倒閉後，美國地區性銀行之間的極端波動仍在繼續$矽谷銀行 (SIVB.US)$，$Signature Bank (SBNY.US)$和$Silvergate Capital (SI.US)$。
While bank stock investors are hoping the worst of the contagion fears are now over, Bank of America analyst Ebrahim Poonawala cut his price targets for a number of bank stocks and said the environment for regional banks will be difficult for the foreseeable future.
儘管銀行股投資者希望最糟糕的蔓延擔憂現在已經過去，但美國銀行分析師易卜拉欣·普納瓦拉下調了多隻銀行股的目標價，並表示，在可預見的未來，地區性銀行的環境將很艱難。
Key Price Target Cuts: Poonawala cut his price target for two dozen bank stocks, including several Underperperform-rated stocks. Among his Underperform-rated names, Poonawala cut his price target for $Ally Financial (ALLY.US)$ from $28 to $25, his target for $PNC Financial Services (PNC.US)$ from $150 to $132, for $Zions Bancorp (ZION.US)$ from $50 to $38 and for $First Hawaiian (FHB.US)$ from $24 to $21.
關鍵價格目標下調：Poonawala下調了24只銀行股的目標價，其中包括幾只表現不佳的股票。在表現不佳的公司中，Poonawala下調了目標價$Ally Financial (ALLY.US)$從28美元到25美元，他的目標是$PNC金融服務集團 (PNC.US)$由150元至132元，$齊昂銀行 (ZION.US)$由50元減至38元$First Hawaiian (FHB.US)$從24美元到21美元。
Poonawala also cut targets for other bank stocks that he sees as potential buying opportunities for investors. Among Buy-rated stocks, Poonwala cut his price target for $KeyCorp (KEY.US)$ from $20 to $17, for $New York Community Bancorp (NYCB.US)$ from $11 to $8, for $Fifth Third Bancorp (FITB.US)$ from $38 to $34 and for $Citizens Financial (CFG.US)$ from $47 to $39.
Poonawala還下調了他認為可能為投資者提供買入機會的其他銀行股的目標。在買入評級的股票中，Poonwala下調了他的目標價$KeyCorp (KEY.US)$由20元至17元$紐約社區銀行 (NYCB.US)$由11元至8元$五三銀行 (FITB.US)$由38元減至34元$Citizens Financial (CFG.US)$從47美元到39美元。
Why It Matters: In the coverage note, Poonawala said bank stocks may bounce at some point on policy headlines or macroeconomic data, but the relief rally won't change the difficult environment.
為什麼這很重要：Poonawala在報道報告中說，銀行股可能會在政策頭條新聞或宏觀經濟數據的某個時候反彈，但釋然性反彈不會改變艱難的環境。
"Our cautious view on the sector is informed by our opinion that higher-for-longer interest rates pose significant risk to the outlook for bank EPS in the form of increased pressure on net interest margins, slowing loan growth and worsening credit quality," Poonawala said.
Poonawala表示：“我們對該行業的謹慎看法是，較長時間的較高利率對銀行每股收益前景構成重大風險，表現為淨息差壓力增加、貸款增長放緩和信貸質量惡化。”
He prefers investors looking for banking industry exposure rotate out of regional banks and into diversified mega-cap banks.
他更喜歡尋求銀行業敞口的投資者從地區性銀行轉向多元化的巨型銀行。
Benzinga's Take: Investors can take Poonawala's advice and set up a banking pair trade by going long the $Financial Select Sector SPDR Fund (XLF.US)$ to maintain diversified exposure to large-cap banks and pairing it with a short position in regional banking ETFs $Powershares Exch Traded Fd Tst Ii Kbw Bk Port (KBWB.US)$ or $Spdr Series Trust S&P Regional Bkg Etf (KRE.US)$.
本辛加的觀點：投資者可以採納普納瓦拉的建議，通過做多銀行配對交易$SPDR金融行業ETF (XLF.US)$保持對大盤股銀行的多元化敞口，並將其與地區性銀行ETF的空頭頭寸相匹配$Powershares KBW銀行投資組合 (KBWB.US)$或$區域銀行指數ETF-SPDR KBW (KRE.US)$。