UPDATE: J.P. Morgan Lowers PT on Bank of America to $13

J.P. Morgan is out with its report today on Bank of America BAC, lowering its PT from $18 to $13. In its report, J.P. Morgan writes, "We reducing our price target for Bank of America to $13.00 from $18.00, reflecting our lower EPS outlook and continued political and legal uncertainty near-term. However, we are maintaining our Overweight rating as it has among the highest appreciation on a longer term basis as earnings normalize and fears abate." At the time of posting, shares of BAC were trading pre-market at $7.15, down 0.69% from Thursday's close.