Shares of Ally Financial Inc (NYSE:ALLY) rose in early trading on Monday after the company reported first-quarter results on Friday.
The company delivered a “strong start to the year,” according to RBC Capital Markets analyst Jon Arfstrom.
The Ally Financial Analyst: Arfstrom maintained an Outperform rating and price target of $52.
The Ally Financial Thesis: While the company reported earnings of 93 cents per share, its adjusted (core) earnings were at $1.11 per share, Arfstrom said in the note.
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Ally Financial’s fundamentals were positive, while the core showed “solid momentum,” with strong loan application volumes, improving credit metrics, and solid expense control, he added.
The analyst stated that the highlights of the quarterly results were:
- A …