Jefferies analyst Ken Usdin downgraded Bank of America (NYSE: BAC) from Buy to Hold with a price target of $32.00.

The analyst comments "We downgrade BAC to Hold, given negative EPS revisions (our '20 down 3%) and not enough upside to warrant a Buy rating. After a very strong 4Q18 result, the 1Q19 print showed incremental challenges in numerous revenue areas. This spans both net int. income (higher deposit costs, less asset-side repricing) and fees (card fees, services charges tougher, adding to the well-known capital markets-related dips). We prefer putting new money into Citi among universals."

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Shares of Bank of America closed at $29.88 yesterday.