UPDATE 1-FBR raises price targets on 17 U.S. banks
May 11 (Reuters) - Friedman, Billings, Ramsey raised its price targets on 17 U.S. banks, citing less dilution risk, stronger capital levels and easier access to capital.
"Markets appear comfortable with the survivability of at least the largest 19 banks, and the threat of nationalization, at least for some, appears to be off the table," the brokerage said in a note to clients.
However, losses will continue to accelerate over the next three or four quarters, which will make it very difficult for most banks to make money in 2010, the brokerage said.
"Despite prospects of muted or minimal earnings over the next two years, the market is looking beyond 2010 and valuing these companies based on "normalized" earnings," the brokerage said.
For changes in price targets, please double-click [ID:nWNAB7128] (Reporting by Santosh Nadgir in Bangalore; Editing by Deepak Kannan)
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