NEW YORK (TheStreet) -- Shares of Ally Financial Inc. (ALLY) - Get Report are down 1.86% to $23.18 in pre-market trading after the company was initiated with an "outperform" rating at Wells Fargo.

The firm says it increased the independent, diversified, financial services company's ratings because it has competitive advantages and can generate solid returns.

Well Fargo set a price target range of $27 to $28 for Ally.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.