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Article: JP Morgan Looking for Takeover Target, Analyst Says
- Article from:
- Daily News
- Article date:
- December 11, 2007
- Author:
CopyrightCopyright 2007 Daily News. Provided by ProQuest LLC. (Hide copyright information)
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NEW YORK (HedgeWorld.com) - Rumors are flying on Wall Street that
JP Morgan & Co. may be contemplating "a major acquisition" in the
near future, possibly even Citigroup Inc., the largest U.S. bank.
But Dick Bove, an analyst at Punk, Ziegel & Co., said in a
research note published Tuesday [Dec. 11] that a more realistic
scenario would see JP Morgan making some kind of high-profile
acquisition, but not necessarily Citi.
In a time of deteriorating credit quality and asset write-downs,
banks are becoming takeover targets and value investments. At the
same time, the Street is feeding new rumors every day. Some large
banks, including Citi and UBS AG, recently received generous cash
infusions from ...