Loading...
Loading...
On Monday, Atlantic Equities downgrades shares of Bank of America
BAC from Overweight to Neutral and lowered the price target from $20 to $18.50. Shares closed down 1.08 percent to $17.37 in Monday's trading.
The downgrade was due to poor stress-test results, softness in mortgage revenue, and higher legal costs.
Atlantic cut earnings per share estimates for investment banks, with Bank of America's EPS cut ranking in the middle of the pack.
However, the Atlantic note also identified Wells Fargo
WFC and US Bancorp
USB as a “simple and safe” way to play rising U.S. interest rates.
Atlantic maintained an Overweight rating on PNC Financial Services
PNC and J.P. Morgan
JPM.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Posted In: Analyst ColorAnalyst Ratings
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in