Jul
22
Raymond James upgraded shares of Grupo Financiero Galicia (NASDAQ:GGAL) from a market perform rating to an outperform rating in a research report released on Monday morning, TheFlyOnTheWall.com reports. Raymond James currently has $30.00 price objective on the stock.
“Grupo Financiero’s strengths lie in the company’s top-of-the-class distribution capabilities, and adequate financial position,” which should help it take advantage of material growth opportunities that may soon emerge in Argentina’s banking segment.Anlyst Federico Rey Marino pointed out that the company’s 2016 earnings in US dollars are expected to decline 17 percent due to the corrective economic measures expected to be introduced by the next administration.Grupo Financiero’s income is, however, expected to recover 29 percent in US dollar terms in 2017 driven by real loan growth of 17 percent, Marino added.In the report Raymond James noted, “Shares in GGAL are selling at 7x 2016E forward earnings, which compare with the regional average of 10x, or with the average of 12x for Peruvian and Mexican banks, which present similar growth potential, in our view.,” Raymond James’ analyst commented.
Raymond James has also taken action a number of other financials stocks recently. The firm lowered its price target on shares of Vanguard Natural Resources, LLC from $17.00 to $15.00. They have an outperform rating on that stock. Also, Raymond James lowered its price target on shares of Canadian Pacific Railway Limited from $245.00 to $235.00. They have an outperform rating on that stock.
Grupo Financiero Galicia (NASDAQ:GGAL) traded down 1.15% on Monday, hitting $19.76. 197,771 shares of the company’s stock traded hands. Grupo Financiero Galicia has a 52 week low of $10.33 and a 52 week high of $26.13. The stock’s 50-day moving average is $20.17 and its 200-day moving average is $20.63. The company has a market cap of $2.57 billion and a price-to-earnings ratio of 6.77.
Separately, analysts at Zacks upgraded shares of Grupo Financiero Galicia from a hold rating to a strong-buy rating and set a $23.00 price target on the stock in a research note on Tuesday, July 14th.
Grupo Financiero Galicia S.A. (NASDAQ:GGAL) is a financial services holding company. Banco de Galicia y Buenos Aires S.A. (Banco Galicia) is the Company’s largest subsidiary. Banco Galicia is a bank that provides, directly or through its subsidiaries, a range of financial products and services to large corporations, small and medium sized companies (SMEs), and individuals. Through the operating subsidiaries of Tarjetas Regionales S.A., a holding company wholly owned by the Bank, the Company provides brand credit cards and consumer finance services throughout Argentina. Through Sudamericana Holding S.A. and its subsidiaries (Sudamericana) it provides insurance products in Argentina. It provides financial services through a distribution platform amongst private-sector financial institutions in Argentina. On April 15, 2014, Banco de Galicia y Buenos Aires SA sold a 95% stake in Galicia Administradora de Fondos to Grupo Financiero Galicia.
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