Bank Of America Recipient Of Rare Triple Upgrade
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Bank of America Corp (NYSE: BAC) shares are trading higher by $0.80 at $16.09. The company was the recipient of a rare triple upgrade before today's open. If one includes Monday's upgrade by KBW, who raised its rating from Market Perform to Outperform with a $20 price target, that would be four over the last two days.
Both Bernstein and Baird went to an Outperform rating from a Neutral rating and Bernstein maintained its $20 price target. Also, Macquarie went from Underperform to Neutral.
The trio of upgrades instigated a sharply higher open ($16.20 vs. Monday's close of $15.29), but could only rally another penny before declining to $15.86.
Keep in mind, Bank of America swooned to $14.60 off Monday's open, so at $16.21, it represents an 11 percent gain in 24 hours.
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