Morgan Stanley Downgrades Bank of America (BAC) to Underweight
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Morgan Stanley downgrades Bank of America (NYSE: BAC) from Equal-weight to Underweight and lowered its price target to $15, saying the company may cut its dividend by 20% and may raise up $12 billion in Q4.
Morgan Stanley said the credit crisis is far from over.
Morgan Stanley also cuts its price target on Citigroup (NYSE: C) to $14. Morgan Stanley also lowered estimates on JPMorgan (NYSE: JPM) from $2.60 to $2.11.
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$15.00 for BAC?
RNewman514 on Jul 10, 2008 08:34 AMIf BAC hits $15.00 per share, buy all you can afford. In two to three years it will be back up to $50.00 per share.