Q3 bank preview -- Everything on trend
Oppenheimer thinks there will be very few surprises in the upcoming 3Q14 earnings reports. Rather than randomly upgrading or downgrading stocks as some might do, we rather acknowledge the fact that it's pretty boring out there and are standing pat with our estimates and our fundamental outlook, which is that the group is modestly undervalued, that it is worth being slightly overweighted in banks for the benefit of accelerating loan growth and rising rates, and that the much despised money centers offer better value than the regionals. They like BAC, C, CIT, COF, DFS, JPM and STI.
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