Financial Business Update: CS Upgrades JPMorgan, Ackman On GGP
Credit Suisse has upgraded certain banks in the United States to Overweight, on the impression that loan growth and asset quality are about to “surprise on the upside.” Moreover, analysts contend that banks are a leveraged play on the cost of debt and investment grade spreads, which appear too high in the U.S., falling. Among those companies receiving the upgrade is JPMorgan Chase & Co. (NYSE:JPM). At the same time, Credit Suisse downgraded to Neutral a three United Kingdom lenders: Barclays (NYSE:BCS), Lloyds Banking Group (NYSE:LYG), and The Royal Bank of Scotland (NYSE:RBS).
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Bill Ackman says that General Growth Properties (NYSE:GGP) could be a $29 stock, were it to merge with Simon Property Group. But the latter says that it’s no longer interested in a acquisition of GGP, to which Ackman responds that “I’m now David Simon’s best friend.”
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