Deutsche Bank Upgrades Bank of America (BAC) to Buy
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Deutsche Bank upgraded Bank of America (NYSE: BAC) from Hold to Buy with a price target of $18.00 (from $16.50).
Analyst Matt O'Connor said, "We think the most meaningful negative catalysts have been identified and largely priced in. From here, Bank of America is well-levered to a potential pickup in capital markets revenues, higher interest rates, and an improving US economy. Also we see less exposure to remaining non mortgage legal issues. With shares trading at 1.1x TBV and 10x our 2015E, we see limited downside."
Shares of Bank of America closed at $15.60 yesterday.
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