RBC Upgrades BofA (BAC) to Outperform; Sees 'Credit-Driven Earnings Recovery'

This morning, an analyst at RBC Capital has lifted his investment rating on shares of Bank of America (NYSE: BAC) from Sector Perform to Outperform.

The analyst believes that over the long-term, BofA "offers attractive franchise value and earnings power, which should drive significant upside from current valuation levels." Also, following the bank's recent Q3 results, RBC feels Bank of America "appears to be nearing the start of a credit-driven earnings recovery."

Shares of Bank of America are up about 0.6% to $17.27 in the pre-market session.

To see all the market-moving analyst upgrades/downgrades on shares of BofA, visit our Analyst Ratings page.

Bank of America Corporation, a financial holding company, provides a range of banking and nonbanking financial services and products in the United States and internationally.

You May Also Be Interested In

• SEC accuses ex-BofA senior banker Satsky of insider trading - Bloomberg
• Wells Fargo Upgrades Portland General Electric Company (POR) to Overweight
• BofA tracks building products sales momentum in second quarter