Ally Financial (ALLY) PT Raised to $34 at Piper Sandler Following 3Q

Piper Sandler analyst Kevin Barker raised the price target on Ally Financial (NYSE: ALLY) to $34.00 (from $31.00) while maintaining a Overweight rating following the company's 3Q earnings report. ALLY reported NIM expanded to 2.65% from 2.40% last quarter. The jump in NIM was primarily driven by a 0.31% drop in liability costs with interest-bearing deposit costs dropping 0.37% to 1.35% Q/Q.

Piper Sandler introduced a FY22 EPS estimate of $4.85. The estimate implies ALLY will grow its EPS at a ~30% CAGR between 2019 and 2022 as PPNR grows ~20% and the diluted share count drops ~11%.

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