Oppenheimer Won't Lay Off Bad News On Banks (C)(BAC)

Banking, finance, and taxes

Published: May 20, 2008 8:10 am

Oppenheimer now puts out a negative report on banks stocks every other day, like clock work.

Today’s reports says that money center financial firms "may write off more than $170 billion of additional reserves by the end of 2009," according to Bloomberg.

If that is the case, several banks stocks which have recovered over 50% from their lows, are overvalued.

Assuming that Oppenheimer is right, and it has been before, banks could retest their lows from earlier this year. That means that Citigroup (C) could move back toward $18 and Bank of America back to $33.

Douglas A. McIntyre

Take Charge of Your Retirement In Just A Few Minutes (Sponsor)

Retirement planning doesn’t have to feel overwhelming. The key is finding expert guidance—and SmartAsset’s simple quiz makes it easier than ever for you to connect with a vetted financial advisor.

Here’s how it works:

Answer a Few Simple Questions. Tell us a bit about your goals and preferences—it only takes a few minutes!
Get Matched with Vetted Advisors Our smart tool matches you with up to three pre-screened, vetted advisors who serve your area and are held to a fiduciary standard to act in your best interests. Click here to begin
Choose Your Fit Review their profiles, schedule an introductory call (or meet in person), and select the advisor who feel is right for you.

Why wait? Start building the retirement you’ve always dreamed of. Click here to get started today!