Ally shares are coming off their worst year on record in 2022, dropping 48.7%.
The outlook for Ally Financial is more uncertain in 2023, according to Barclays. Analyst Jason Goldberg downgraded shares of Ally to equal weight from overweight, saying the bank is more vulnerable to a downshift in the economy. "This year is likely to witness the end of the Fed tightening cycle and loan loss normalization," Goldberg wrote in a Tuesday note.
While they are generally well positioned to weather economic shocks, they're also dealing with an uncertain macro that could mean higher credit losses and slowing loan growth. Ally shares had their worst year on record in 2022, dropping 48.7%. The analyst lowered his price target to $33, down from $40, which implies nearly 35% upside from Friday's closing price.
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