American Express, Goldman Sachs, Citigroup lead downgrades at BMO as ‘banks and specialty finance stocks look vulnerable'

American Express Co., Citigroup Inc. and Goldman Sachs Group Inc. marked the largest of six financial firms to draw downgrades at BMO Capital Markets on Wednesday.After a rally by banks and specialty finance stocks from October lows, the sector faces headwinds, even if a recession is avoided in 2024, said BMO analyst James Fotheringham.“Bottom Line: Banks and specialty finance stocks appreciated by almost +40% into year-end (versus S&P 500 SPX ) and now look vulnerable to an impending credit cycle (soft lan ...