UPDATE: Baird Downgrades Bank of America (BAC) to Neutral

Baird analyst David George downgraded Bank of America (NYSE: BAC) from Outperform to Neutral with a price target of $42.00.

The analyst comments "Stepping aside on BAC, solid execution reflected in multiple. BAC has executed well during the pandemic, showing the strength of its franchise, healthy earnings power, and diversified business mix. However, we believe a lot of good news is now baked into the stock at current prices, with BAC trading at close to 10x forward PPNR expectations, the highest since the 1997 bank nirvana period, and a ~60% premium to its post-crisis median. We remain comfortable owning BAC but feel the risk/reward is now more balanced here."

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 $40.56 yesterday.

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