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Wednesday, July 20, 2011

Bank of America (BAC) Hammered by Analysts

Bank of America (NYSE:BAC) received some negative coverage from analysts today, although it has, for now, shrugged off the news, trading at $9.90, up $0.34, or 3.50 percent, as of 10:30 AM EDT.

CLSA downgraded Bank of America from "Buy" to "Outperform." They have a price target of $11 on the banking giant.

Citigroup (NYSE:C) cut its price target and estimates on Bank of America. They lowered their price target to $14. The cutting of estimates was the result of anemic 2Qcore PTPP. Citigroup still maintains a "Buy" rating on BAC.

UBS (NYSE:UBS) cut its price target and estimates on Bank of America as well. The new price target is $10.50 a share. Estimates were cut based on worst than anticipated residential mortgage credit improvement. UBS has a "Neutral" rating on BAC.

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