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RPT-BUZZ-Big U.S. banks cheap, to outperform broader markets-Oppenheimer
September 25, 2017 / 4:01 PM / 3 months ago

RPT-BUZZ-Big U.S. banks cheap, to outperform broader markets-Oppenheimer

(Repeats with no changes to text)

Sept 25 (Reuters) - ** Big U.S. banks are stable, profitable and cheap, says Oppenheimer’s Chris Kotowski

** Large-cap banks are currently trading at a 64 pct relative P/E, well into the lower half of the 60-80 pct range banks have traded for most of the past 30 years

** Large banks will outperform the broader market averages in the coming 12-24 months

** Cuts Q3 earnings estimates, largely due to trading revenue warning by big banks earlier in the month

“Waiting for FICC (fixed income currency and commodity) to turn is a little like ‘waiting for Godot’”

** JPMorgan Chase scheduled to kick-off Q3 earnings for big banks on Oct. 12

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