Goldman Sachs Upgrades Banking Sector to Neutral

Following the upgrades of Bank of America (BAC) and J.P. Morgan Chase (JPM) to their "Conviction Buy" list, Goldman Sachs (GS) upgraded the entire banking sector to neutral.

Goldman Sachs Upgrades Large US Banks to 'Neutral' (cnbc.com)
Goldman Upgrades Large Bank Sector, Sees Write-Downs Ending (morningstar.com)

Conviction Buy:

• Bank of America (BAC)
• J.P. Morgan Chase (JPM)

Buy:

• Morgan Stanley (MS)

Attractive:

• Bank of New York Mellon (BK)
• Northern Trust (NTRS)
• State Street (STT)

Neutral:

• PNC (PNC)
• U.S. Bancorp (USB)
• Wells Fargo (WFC)
• Capital One (COF)
• Discover Financial Services (DFS)
• American Express (AXP)

Regional banks are still under "Cautious" rating:

• Fifth Third Bancorp (FITB)
• KeyCorp. (KEY)
• Regions Financial (RF)

Citigroup (C) is not rated.

Northern Trust, Bank of America, J.P. Morgan Chase, Wells Fargo, State Street (up 4%), Bank of New York Mellon (and Goldman Sachs) are currently trading up from yesterday. Citigroup is unchanged. Dow Jones Industrial is down 140 points, at 8,281.

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