Sterne Agee Maintains Neutral Rating on Bank of America
According to Sterne Agee, Bank of America (NYSE: BAC) Neutral rating is maintained.
Sterne Agee said that although the quarter was very poor as expected, management continues to make incremental progress restructuring the company, strengthening the balance sheet, and resolving outstanding legacy mortgage issues. “We are once again lowering estimates across the board, not only reflecting management's cautious outlook, but taking into account the ongoing restructuring initiatives and persistent uncertainty surrounding the outlook for core revenues, particularly capital markets.”
Bank of America closed yesterday at $6.96.
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