Credit Agricole's Mike Mayo Downgrades BofA (BAC) to Outperform

Credit Agricole's Mike Mayo downgraded shares of Bank of America (NYSE: BAC) from Buy to Outperform Wednesday morning following Q2 results from the bank Tuesday. Mayo reduced his price target on BofA shares from $14 to $11.

Shares of Bank of America fell 1.5 percent following the quarterly report. The stock is bouncing this morning despite the downgrade: up 1.2 percent to $9.68 less than an hour ahead of the opening bell.

Mayo's new price target on BofA represents further upside of almost 14 percent from where the stock is trading Wednesday.

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

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