Market Overview

UPDATE: Credit Suisse Downgrades Bank of America to Neutral on Valuation

Share:
Related BAC
Deutsche Bank Stock Is Dropping More Than Other Peers After Greek News
Thursday's Top 10 Volume Stocks
Banks give living wills another try (Seeking Alpha)

Credit Suisse downgraded Bank of America (NYSE: BAC) from Outperform to Neutral and raised the price target from $11.00 to $12.00.

Credit Suisse noted, ". Current valuation appears to be ahead of the company's near to intermediate-term performance and appears to be discounting significantly faster improvements in efficiency than we would be expecting. At its current valuation, the shares appear to be discounting at least a 16% improvement in costs over the next year vs. our estimate of 10%. Despite the announced mortgage servicing sales, we think it will take until 2014 before the full run-rate of expense saves. Separately, we think it will be hard for Bank of America to grow revenues faster than the "average" bank."

Bank of America closed at $11.98 on Tuesday.

Latest Ratings for BAC

DateFirmActionFromTo
May 2015PortalesDowngradesOutperformSector Perform
May 2015BMO CapitalDowngradesOutperformMarket Perform
Apr 2015BarclaysMaintainsEqual-weight

View More Analyst Ratings for BAC
View the Latest Analyst Ratings

Posted-In: Credit SuisseAnalyst Color Downgrades Intraday Update Analyst Ratings

 

Related Articles (BAC)

Around the Web, We're Loving...

Get Benzinga's Newsletters