Deutsche Bank Upgrades Bank of America (BAC) to Buy

July 2, 2014 6:43 AM EDT
Get Alerts BAC Hot Sheet
Price: $23.01 --0%

Rating Summary:
    24 Buy, 13 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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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."

For an analyst ratings summary and ratings history on Bank of America click here. For more ratings news on Bank of America click here.

Shares of Bank of America closed at $15.60 yesterday.

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