Keefe, Bruyette & Woods Maintains a 'Market Perform' on Bank of America (BAC); Settlement Mostly Clears R&W Uncertainty, Other Unknowns Remain

Keefe, Bruyette & Woods maintains a 'Market Perform' on Bank of America (NYSE: BAC), revises PT to $12.50.

KBW analyst says, "BAC recently announced an $8.5 billion settlement related to its battle against owners of Countrywide's private-label mortgage originations. BAC also pre-announced 2Q11 results with a laundry list of additional charges dragging reported EPS to a loss of ~$0.90 versus the previous consensus of positive $0.28. While the settlement is good news, there continues to be other uncertainties present here leaving us on the sidelines with a MP rating on BAC shares. Revising ests and PT."

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 $11.14 yesterday.

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