Moelis - $37 - $35 downside scenario by September 2020
I am seeing a better inflection point in the banks, who I think have some proposed upside with the recent trends in the Federal System. The equity has been beaten down pretty hard YTD and the ATR is signaling a downtrend into a consolidation phase. I believe that we could see another 16% of downside given the macro tailwinds shaking up the market right now. However, I believe this sector is going to be one of the first to reach inflection in the US markets. I would say $35 would be a max downside and $37 a realistic target for entry in q3 2022.
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