Deutsche Bank Downgrades Bank of America (BAC) to Hold

Deutsche Bank analyst Matt O'Connor downgraded Bank of America (NYSE: BAC) from Buy to Hold with a price target of $36.00 (from $45.00).

The analyst comments "For BAC, we assume shares trade at a slight premium to the bank group relative multiple of 55% to the S&P 500 or an absolute P/E of about 10.0x. We assume bank stocks trade below the historical 60-80% range given bank earnings may be peaking, we see downside risk from reserve build and valuations should be below normal if there's a recession. For BAC, we use a higher relative multiple to the bank group reflectingBACbeing viewed as a high quality bank and strong risk manager."

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 $34.07 yesterday.

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