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 $Silvergate Capital (SI.US)$.
这个$SPDR 标普500指数ETF (SPY.US)$周一企稳，但在雷曼兄弟倒闭后，美国地区性银行之间的极端波动仍在继续$硅谷银行 (SIVB.US)$，$Signature Bank (SBNY.US)$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.
尽管银行股投资者希望最糟糕的蔓延担忧现在已经过去，但美国银行分析师易卜拉欣·普纳瓦拉下调了多只银行股的目标价，并表示，在可预见的未来，地区性银行的环境将很艰难。
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 $21.
关键价格目标下调：Poonawala下调了24只银行股的目标价，其中包括几只表现不佳的股票。在表现不佳的公司中，Poonawala下调了目标价$Ally Financial (ALLY.US)$从28美元到25美元，他的目标是$PNC金融服务集团 (PNC.US)$由150元至132元，$齐昂银行 (ZION.US)$由50元减至38元$First Hawaiian (FHB.US)$从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 $39.
Poonawala还下调了他认为可能为投资者提供买入机会的其他银行股的目标。在买入评级的股票中，Poonwala下调了他的目标价$KeyCorp (KEY.US)$由20元至17元$纽约社区银行 (NYCB.US)$由11元至8元$五三银行 (FITB.US)$由38元减至34元$Citizens Financial (CFG.US)$从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.
为什么这很重要：Poonawala在报道报告中说，银行股可能会在政策头条新闻或宏观经济数据的某个时候反弹，但释然性反弹不会改变艰难的环境。
"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：“我们对该行业的谨慎看法是，较长时间的较高利率对银行每股收益前景构成重大风险，表现为净息差压力增加、贷款增长放缓和信贷质量恶化。”
He prefers investors looking for banking industry exposure rotate out of regional banks and into diversified mega-cap banks.
他更喜欢寻求银行业敞口的投资者从地区性银行转向多元化的巨型银行。
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 $Spdr Series Trust S&P Regional Bkg Etf (KRE.US)$.
本辛加的观点：投资者可以采纳普纳瓦拉的建议，通过做多银行配对交易$SPDR金融行业ETF (XLF.US)$保持对大盘股银行的多元化敞口，并将其与地区性银行ETF的空头头寸相匹配$Powershares KBW银行投资组合 (KBWB.US)$或$区域银行指数ETF-SPDR KBW (KRE.US)$。