Deutsche Bank Upgrades Bank of America (BAC) to Buy
- Top 10 News for 11/17 - 11/21: Halliburton's Big Buy; Japan Back in Recession; China Cuts Key Rate
- China Cuts Benchmark Rate Amid Weaknening Growth Prospects; Markets React (FXI)
- Dow Chemical (DOW), Third Point Enter Agreement; Four New Independent Directors Added
- Large Cut from OPEC Would Be 'Self-Negating', Says Goldman Sachs
- UPDATE: Volkswagen AG (VLKAY) Will Invest EUR 85.6B Over Next 5Y in Auto Ops - Bloomberg
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- BofA/Merrill Lynch Downgrades Aruba Networks (ARUN) to Underperform
- Macy's (M) Price Target Raised to $69 at Deutsche Bank (Earlier)
- Deutsche Bank Comments on Issues at MOL Global (MOLG), Advises Caution
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot Upgrades, Upgrades
Related EntitiesDeutsche Bank, Bank of America
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!