All of the major banking franchises have reported.
5 of the 6 trade under their Tangible Book Value (TBV), some by a significant margin like BAC at 49%. While I can understand trading under TBV when TBV is declining. In every case, TBV is increasing YoY and some significantly. I believe based on the numbers C is probably the best risk/reward buy right now with the second lowest ratio while having the highest growth rate.
Long BAC, C, JPM, MS, WFC. I am looking to sell WFC and potentially buy GS in the next 72 hours.
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