Banking, finance, and taxes
Oppenheimer Won't Lay Off Bad News On Banks (C)(BAC)
Published:
Oppenheimer now puts out a negative report on banks stocks every other day, like clock work.
Today’s reports says that money center financial firms "may write off more than $170 billion of additional reserves by the end of 2009," according to Bloomberg.
If that is the case, several banks stocks which have recovered over 50% from their lows, are overvalued.
Assuming that Oppenheimer is right, and it has been before, banks could retest their lows from earlier this year. That means that Citigroup (C) could move back toward $18 and Bank of America back to $33.
Douglas A. McIntyre
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
