Citi Downgrades Merrill Lynch (MER) to Hold on View That Deal With Bank of America (BAC) Willl Close
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Citi downgrades Merrill Lynch (NYSE: MER) from Buy to Hold and removes from Top Picks Live list.
Citi analyst says, "We are downgrading Merrill to a Hold rating and removing it from Top Picks Live
based on our view that the Merrill/Bank of America (NYSE: BAC) deal will close. We’re setting our TP to
$31.25 based on BAC’s current price of $36.37 multiplied by a conversion ratio of 0.8595. We are also raising our risk rating to High to be in line with Citi Investment Research’s current risk rating on BAC."
Merrill Lynch & Co., Inc. together with its subsidiaries, provide investment, financing, insurance, and related services to individuals and institutions on a global basis through its broker, dealer, banking, and other financial services subsidiaries.
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