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Question: As of Tuesday, which financial stock(s) did Jeffery Harte give a "buy" rating?
Answer: Bank of America
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Stock Picker: Time To Re-Board Financials
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Jeffery Harte says it's time for investors to stop shunning financials.
"My gut reaction would be: what we're seeing is a rally here; it may even continue to the end of the year," the managing director in equity research for Sandler O'Neill told CNBC. "I'm still thinking, 2009, at least the beginning, is not going to be good for financials, because we still have a lot of credit issues to work our way through."
But Harte points out that financials have a way of rallying six to nine months before there's clear evidence that the economy is getting better.
Recommendations:
He has a "buy" rating on Citigroup .
"It traded down to three or four bucks on fears it was going to go away, and as soon as the rescue package came out, we upgraded it to 'buy,' because you know it's not going to go away, and that's the time to get in," he said.
He also has "buy" ratings on Bank of America and Goldman Sachs .
He's not as sanguine about other financials, seeing no clear evidence of recovery as yet. He has "hold" ratings on Morgan Stanley and JPMorgan Chase .
Disclosures:
Citigroup, Bank of America, Goldman Sachs, Morgan Stanley, and JPMorgan Chase are investment banking clients of Harte's firm.
Disclaimer
© 2008 CNBC.com
URL: http://www.cnbc.com/id/27954497/
Squawk Box
Question: As of Tuesday, which financial stock(s) did Jeffery Harte give a "buy" rating?
Answer: Bank of America
Subscribe to EF Hutton via Email
Follow EF Hutton on Twitter
Stock Picker: Time To Re-Board Financials
STOCKS, STOCK MARKET, CNBC, CNBC.COM, STOCK BLOG, CNBC STOCK BLOG, INVESTMENT, PORTFOLIO, FINANCIAL STOCKS, C, GS, BAC, JPM, MS, CITIGROUP, CITI, GOLDMAN SACHS, BANK OF AMERICA, JPMORGAN, JP MORGAN, MORGAN STANLEY
CNBC.com
Jeffery Harte says it's time for investors to stop shunning financials.
"My gut reaction would be: what we're seeing is a rally here; it may even continue to the end of the year," the managing director in equity research for Sandler O'Neill told CNBC. "I'm still thinking, 2009, at least the beginning, is not going to be good for financials, because we still have a lot of credit issues to work our way through."
But Harte points out that financials have a way of rallying six to nine months before there's clear evidence that the economy is getting better.
Recommendations:
He has a "buy" rating on Citigroup .
"It traded down to three or four bucks on fears it was going to go away, and as soon as the rescue package came out, we upgraded it to 'buy,' because you know it's not going to go away, and that's the time to get in," he said.
He also has "buy" ratings on Bank of America and Goldman Sachs .
He's not as sanguine about other financials, seeing no clear evidence of recovery as yet. He has "hold" ratings on Morgan Stanley and JPMorgan Chase .
Disclosures:
Citigroup, Bank of America, Goldman Sachs, Morgan Stanley, and JPMorgan Chase are investment banking clients of Harte's firm.
Disclaimer
© 2008 CNBC.com
URL: http://www.cnbc.com/id/27954497/
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