UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Bank of America Corp. on Mixed Factors

In a report published Wednesday, Deutsche Bank analyst Matt O'Connor reiterated a Hold rating on Bank of America Corp.

, and raised the price target from $11.00 to $13.00. In the report, O'Connor noted, “This revised report adds additional revenue comments from our meeting. With housing continuing to recover and BAC making progress on legacy mortgage issues (albeit at a cost higher than expected), mgmt is increasingly focused on driving growth. BAC laid out three priorities: 1) maintain/grow revenues (after several yrs. of declines), 2) lower expenses (from lower legacy costs & firmwide savings), and 3) pay out most earnings to shareholders (per CCAR approval). Maintain HOLD given the net impact of positive macro trends, progress on legacy mortgage issues and fair valuation.” Bank of America Corp. closed on Tuesday at $13.34.