Nomura Securities Maintains a 'Neutral' on Bank of America (BAC); First Read on Q1 Results

Nomura Securities maintains a 'Neutral' on Bank of America (NYSE: BAC), PT $15.

Nomura analyst, Glenn Schorr, said, "Noisy quarter as revenues were mostly in line and credit improved according to plan, but higher legal, mortgage and comp related expenses produced the drag on earnings and $1.6 bn in equity and debt gains were a big contributor. Eyebrow-raising events include CFO replacement after less than a year, $1.6 bn AGO settlement and another $1 bn in reps & warrantee expense (half for the GSEs). On a brighter note, Ibanking & wealth mgmt were strong, trading bounced back, credit is improving, deposits keep growing and capital and book grew a bit...Cheap stock at ~tangible book, but nothing in this quarter to motivate new buyers."

For more ratings news on Bank of America click here and for the rating history of Bank of America click here.

Shares of Bank of America closed at $13.13 yesterday.

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