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Don’t Buy This Big Bank Stock?
Let's see the bull and bear cases.
Early Bird Prime for August 4, 2024
Big bank stocks are having a pretty good 2024, but there’s one company some analysts say you should avoid right now. Yes, you heard that right. Most big bank stocks are good, but you might want to think twice before jumping on the bandwagon with this one.
First, let’s examine the banking industry. The Financial Select Sector SPDR Fund tracks the sector and is up a respectable 11.39% this year.
Investors slowly moved away from tech stocks in 2024 and looked for alternatives. Bank stocks offered attractive dividends, and who doesn’t love a good dividend? A broader market optimism is benefiting financial stocks, making them the new darlings of the investment world.
Five of the six largest U.S. banks are close to matching or outperforming the S&P 500 index in 2024. The one bank that isn’t close is only up 2% this year during this positive environment.
On top of that, a major financial analyst just downgraded this stock, complaining about its valuation. Big bank stocks are a good bet in 2024, but this analyst says you should avoid this particular stock.
What big bank stock is it? Well, the stock is…
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