Company Reports

10K Takes: AmEx: Payments Noose, Rewards Rot?


AmEx has a new CEO, but faces old risks as the high end credit card spender is the most sought after by big bank & technology mobile wallet competitors. Sell across capital structure with stock overvalued & bond spreads tight. Counterparty & regulatory risks are low.  AXP AXP AXP AXP AXP AXP AXP

10K Takes: CMA: Old School Lender, Rocks on Rates


Comerica illustrates the power of Fed rate hikes to its Net Interest Income growth as loan volumes were still tepid. Move to Buy on Stock & Buy on Bonds. Risk-reg is low. CMA CMA CMA CMA CMA CMA CMA

BNP 4Q17: Recent Equity Vol Backs Up Spreads


BNP showed more revenues progress in 2017, but hampered by low rates in Europe. Recent equity volatility has backed up some spreads leading to a Buy on 3Y debt. Stock still a Sell. BNP BNP BNP BNP BNP BNP BNP

DB 4Q17: Nothing to Write Home About, Vol Next Quarter?


DB continues to underwhelm and more pressures on CEO to get it done or move on. In-country consolidation merger with Commerzbank best course to create growth drivers. Sell on most of capital structure. DB DB DB DB DB DB DB

US Big Regionals 4Q17: Key, FITB, Comerica


Big northern regional banks also enjoyed NIM expansion like their southern regional peers. More loan growth in commercial lease and commercial real estate. We review KEY, FITB, CMA.

US Big Regionals 4Q17: BB&T, SunTrust, Regions Margins Matter


Big southern regional banks benefited from net interest margin expansion while loan growth was largely disappointing. More Fed rate hikes should continue that earnings/EPS progress. We review BB&T, Regions & SunTrust. 

BAC 4Q17: Breaking Forward, Loans and NIM Leading


BAC is back in the loan growth saddle again as it has demonstrated broader based dynamics. First time since the pre-credit crisis days, but on a much more wholesome basis. Buy Stock, Sell Debt that has tightened. Move to Low on Risk-Regulatory indicators. BAC BAC BAC BAC BAC BAC BAC

USB 4Q17: Rate Rise Lifts Banking Boat


USB gets more buoyancy from the rising rates climate that lifted its NIM across higher loan growth. Fees were flattish on lower mtg. banking, but payments and inv. mgt were strong. Buy on Stock, Bonds at fair value. Counterparty & regulatory risk Low. USB USB USB USB USB USB USB

MS 4Q17: Mission Accomplished, Next Mission


MS continues its renaissance as a more stable broker versus GS. Wealth mgt benefitting from streamlines and equity bull markets. Fixed income less  prone to slippage.  Equity business strong. Investment Mgt. still a work in process. Buy on Stock & Bonds. Developing lower counterparty and systemic risk profile. MS MS MS MS MS MS MS

GS 4Q17: Banking Stud, Trading Dud


GS continues to wrestle with FICC funk, but banking & private equity investing keeps its economic margins robust. Leveraged lending is a major driver as it reinvents on consumer lending side too. Buy on Stock & Bonds. Medium counterparty & regulatory risk. GS GS GS GS GS GS GS

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