Morgan Stanley Downgrades Bank of America (BAC) to Underweight

July 10, 2008 7:37 AM EDT

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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Stocks Mentioned

BAC 22.79

+1.92 +9.20%
Volume: 169,954,326
Track BAC

C 15.75

+1.64 +11.62%
Volume: 163,978,086
Track C

JPM 41.99

+0.35 +0.84%
Volume: 81,662,325
Track JPM


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Comments

$15.00 for BAC?
RNewman514 on Jul 10, 2008 08:34 AM

If 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.


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