National City (NCC) In Free-Fall On Fears
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An analyst upgrade and comments from the company Friday, that all is okay, is doing little to calm investors in National City (NYSE: NCC) today. Shares of the bank are down over 60% today following the FDIC assisted fire-sale of Wachovia (NYSE: WB) to Citi (NYSE: C) and Friday's failure of WaMu (NYSE: WM) and its subsequent sale to JPMorgan (NYSE: JPM).
This morning, Oppenheimer upgraded National City to Outperform with a $5 price target, citing valuation. The firm said the bank isn't seeing a mass exodus of depositors and has a more diversified model. The comments from the analyst reinforced a similar statement from the company on Friday.
Investors aren't taking solace in the comments as similar comments were made at and about Wachovia and WaMu before their collapse.
Shares of National City are trading at $1.33 per share currently.
This morning, Oppenheimer upgraded National City to Outperform with a $5 price target, citing valuation. The firm said the bank isn't seeing a mass exodus of depositors and has a more diversified model. The comments from the analyst reinforced a similar statement from the company on Friday.
Investors aren't taking solace in the comments as similar comments were made at and about Wachovia and WaMu before their collapse.
Shares of National City are trading at $1.33 per share currently.
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