JP Morgan Maintains Overweight Rating and $13 PT on Bank of America

A report from J.P. Morgan reiterates its Overweight rating and $13 price target on Bank of America

. The report states, “The range of capital and EPS impacts are likely to be inversely correlated and vary based on the securities purchased, prices paid, and final size of the redemption. If BAC gets more securities than expected, it will select them based on price and coupon. This news adds to the cloud around management comments in our view as BAC has strenuously denied the need for new capital." BAC closed Friday at $6.49.