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Hurricane Helene affected at least 48,000 acres of pecan trees, according to UGA. The overall economic impact of Hurricane Helene on Georgia’s entire agriculture industry is estimated at $6.46 billion, according to UGA. Hurricane Helene was also crippling for farmers in Georgia because it hit just six years after Hurricane Michael, Wells said. ‘Not… a single pecan’Moses said the damage from Hurricane Helene means she and her husband “will not harvest a single pecan” this season. At the Moses pecan farm, Taylor Moses said she and her husband have had long, emotional conversations about whether to replant their pecan trees.
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Morgan Stanley analyst Manan Gosalia, in a report earlier this week, set a target price of $54 for First Republic shares in a best-case scenario. "I have not considered or discussed anything having to do with blanket insurance or guarantees of deposits," she said. The Morgan Stanley report considered that a potential extension of FDIC insurance could bring a majority of First Republic's customers back. Even if it clinches a cash infusion, the lender will probably need to take losses on securities in its so-called held-to-maturity portfolio, the Morgan Stanley analysts wrote. In the worst-case scenario, First Republic's shares would sink to just $1, Morgan Stanley analysts estimated.
The path forward for First Republic after this month's banking crisis remains unclear, but Citigroup identified some possible scenarios for the embattled San Francisco-based bank. While the bank hasn't specified its deposit outflows, Citi noted that they've been substantial. In fact, CNBC's David Faber reported this month that JPMorgan is advising First Republic on strategic alternatives , including a capital raise or possible sale. Again, without knowing the actual level of deposit outflows, the underlying situation could vary quite a bit from our estimates," Cyganovich continued. "Given the challenges of the first two outcomes above, some form of government intervention seems increasingly likely, albeit in what form remains unclear," the analyst wrote.
Morgan Stanley analyst Manan Gosalia, in a report earlier this week, set a target price of $54 for First Republic shares in a best-case scenario. That hope was reduced on Wednesday, after Yellen told a hearing of the U.S. Senate's Appropriations Subcommittee on Financial Services that the government "is not considering insuring all uninsured bank deposits." The Morgan Stanley report considered that a potential extension of FDIC insurance could bring a majority of First Republic's customers back. Even if it clinches a cash infusion, the lender will probably need to take losses on securities in its so-called held to maturity portfolio, the Morgan Stanley analysts wrote. In the worst-case scenario, First Republic's shares would sink to just $1, Morgan Stanley analysts estimated.
Citi downgrades American Express to sell ahead of a recession
  + stars: | 2022-10-13 | by ( Sarah Min | ) www.cnbc.com   time to read: +1 min
It's time to sell American Express , according to Citi. Analyst Arren Cyganovich downgraded shares of American Express to sell from neutral, after modeling in a mild downturn for finance stocks during a recession period. "As Citi's economics team has forecast a modest US recession as a base case in 2H23, we felt it was prudent to assume a mild recession in our consumer finance stocks," Cyganovich wrote in a Thursday note. While some consumer finance stocks, such as Ally Financial and Capital One, have more than priced in a recession scenario, shares of American Express can be further challenged, according to the analyst. Still, in spite of the negative outlook, the analyst said he expects shares of American Express could "modestly outperform" after reporting third-quarter results given the strength of recent consumer spending trends.
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