US Stocks: Oppenheimer makes rare cuts to top US investment banks, backs alternative asset managers

Oppenheimer has downgraded major U.S. investment banks Goldman Sachs and Morgan Stanley, citing limited upside as the sector is in the late stages of an expansionary cycle. The brokerage recommends reallocating capital to alternative asset managers such as Ares Management, Blackstone, and KKR, which have seen a significant sell-off and offer better value.