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Goldman Sours On Bank of America, Removes It From Conviction Buy List
One of the longest running Conviction Buy ratings in Goldman history, that of Bank of America, is no more. As of this morning, Richard Ramsden has taken the firm from the coveted position at the top of the ratings pedestal. "BAC results showed many similar operating trends as JPM and C but with the least amount of credit improvement. While we still see significant upside to BAC, in our view JPM is more attractive given the recent convergence in valuation and superior credit trends. Hence we remove BAC from the Conviction list (but retain our Buy rating) and reiterate our CL-Buy on JPM...the current concern is banks are now fighting shrinkage in both trading and net interest income (NII). Given market volatility, the first can be attributed to a weak quarter but net interest income is a function of low rates and weak loan demand. We believe that NII trend is likely to remain a headwind for the coming two quarters, but based on the experience of regional and trust banks, NII should recover in 2011." Look for Bank of America to return the favor soon enough.
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Could Goldman be right this time?
Could they have it right?
Gee, I wonder...
I have maintained from the inception of the crash, that BAC was never a member of the cartel. Hence, they got lynched by John Thain, who is a cartel member.
With this accouncement, start looking for cartel members cosying up to each other , while shunning the few mega retail banks, studdering along, with the weight of toxic assets.
A consolidation of cartel member banks.
Other banks will disappear including Citi.
What kind of List was that? "The You Should Be Convicted of Insanity if You Follow the Squid Advice on this List" List? Yeah, thought so.
Don't GoldmanSachs Research reports belong on /b/ ?
" banks are fighting shrinkage in trading income"
That happens when the only ones you're trading against are other banks.
Shrinkage reminds me of George Costanza: "I just got out of the pool!!"
Summary and translation: BAC goosed their profit numbers by the smallest amount by claiming credit performance had improved and grabbing reserves to put in to profits. Therefore we are taking them off our public conviction buy and putting them on our secret internal real buy list and telling everyone else to sell to us
Quite. And JPM will be OFF our secret internal real buy list following their stellar Q2 figures as a result of accounting shenanigans.
DavidC
Hmmm, john paulson, double down/average down on his inflation, housing recovery call?
Isnt' this like Satan repudiating his son?
All the TBTF's need to collapse. Then we can start to think about rebuilding the country.
It is a flip of a coin whether Goldman Sachs is right. I'll never understand why anyone pays any attention to what these banks say. They are usually wrong more often than they are right.
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