Ally earns a Buy rating from BTIG's Palmer

|About: Ally Financial Inc. (ALLY)|By:, SA News Editor

Ally Financial (ALLY) is at $24.60 in early action after pricing its IPO at $25 per share last night. Not too much of a surprise given some of his pre-IPO commentary, BTIG's Mark Palmer rates the stock a Buy. His $31 price target is 1.3x expected tangible book value in 2015.

"We believe ALLY's strategic plan, which is focused on increasing its return on average tangible common equity to double digits by YE15 (from 3% at YE13) by improving its cost of funding through liability management, reducing its operating costs and capitalizing on enhanced regulatory flexibility, is well within management’s ability to execute."