Oppenheimer has downgraded major U.S. investment banks like Goldman Sachs and Morgan Stanley, citing limited upside despite a positive environment. The brokerage advises selling these large-cap banks and instead investing in alternative asset managers, whose shares have seen a significant sell-off. Oppenheimer believes investment banks are in the late stages of an expansionary cycle and suggests reallocating funds to commercial banks and alternative managers like Ares Management, Blackstone, and KKR.
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