Goldman Sachs added BB&T Corp (BBT.N) to its "conviction sell list," citing high exposure to residential construction and expectation of further reserve building due to economic deterioration in the Southeast.
BB&T's nonperforming assets (NPA) continue to accelerate and its residential construction, which is well above average exposure, will remain a major concern, Goldman Sachs said in a note to clients.
"We expect a 'perfect storm' for NPA formation in the first half of 2009 with both deteriorating house prices and rising unemployment leading to the fastest rate of NPA formation since the start of the crisis," Goldman said.
The brokerage also cut its price target on the Southeast regional bank by $3 to $14 and lowered its 2009 earnings view to $1.10 from $1.25 on the bank.
Goldman added that BB&T has been the least aggressive in writing off legacy construction loans as it has taken charge-offs equal to 22 percent of its seriously delinquent and non-performing construction loans compared with 34 percent for peers.
baby steps moldy, take baby steps, to your road to recovery -- don't worry about the lack of attention you get at home, they are bluffing and using you for the few dollars you have remaining, don't kid yourself, the world is much meaner than you originally anticipated and BBT is explaining it to you with them fooling you first -- it's your wake up call moldy, now go seek help right away
moldy, i am too strong for you old man, you thought you could push all these people around on this message board, then you ran into the bigger faster and smarter dog, and you got eaten up, and i do it with such ease -- oh don't look now, i have to go bag another sizable day trade profit while you pick your azz and smell it as your joy for the day
moldy, you are already taking your lumps and i haven't even shown up yet
must i review again since you can't recall when i go short and cover on only 1 trade? i mean, that alzheimer is kicking in a bit soon for your age
moldy the wuss, can't make a single prediction cuz he hasn't been right once -- now moldy, don't make me pull up you wrong postings from prior, it ain't good, and you don't want those to surface and show us all how bad they really were -- maybe it's best you let it be so you can still fool all these people into thinking you know what you're doing
so far, the best thing you have done on this message board is cry, but at least it's a start
waaaaaaaa, waaaaaaaa, I dont own this I dont own that, I didnt say this, I didnt say that, I didnt predict today, I predicted whine/moan, waaaaaaaa waaaa, I didnt show up when invited, I cant get mad because Im a wuss, I have no memory of what I said so I didnt say it, no one pays attention to me, waaaaaaa waaaa, even numbie dont like me now, fweeqie is me, fweeqie is not me, show up wuss, you already know where,