Jefferies Downgrades Bank of America (BAC) to Hold
Get Alerts BAC Hot Sheet
Rating Summary:
19 Buy, 21 Hold, 2 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 9 | Down: 8 | New: 10
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Jefferies analyst Ken Usdin downgraded Bank of America (NYSE: BAC) from Buy to Hold with a price target of $32.00.
The analyst comments "We downgrade BAC to Hold, given negative EPS revisions (our '20 down 3%) and not enough upside to warrant a Buy rating. After a very strong 4Q18 result, the 1Q19 print showed incremental challenges in numerous revenue areas. This spans both net int. income (higher deposit costs, less asset-side repricing) and fees (card fees, services charges tougher, adding to the well-known capital markets-related dips). We prefer putting new money into Citi among universals."
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 $29.88 yesterday.
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