Tags: Bank, America.

Citi downgrades Bank of America (NYSE: BAC) from Buy to Hold. Price target lowered from $58 to $42

Citi analyst says, "We continue to view this as one of the premier banking franchises in our universe, and the stock is currently trading well below our estimate of intrinsic value. However, we see significant downside to 2008 EPS estimates largely due to our view that capital markets and credit losses will be worse than expected, and while the stock is cheap we see little upside potential."

Bank of America Corporation is a bank holding company. Bank of America provides a range of banking and non-banking financial services and products through three business segments: Global Consumer and Small Business Banking, Global Corporate and Investment Banking, and Global Wealth and Investment Management.

 

Submitted: Dec 17, 2007    Views: 312    Comments: 1    Likes: 3   


View Article: http://www.streetinsider.com/Downgrades/Citi+Downgrades+Bank+of+Ame...


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Sam Cass
Sam_Cass

Bank of America is a monster. I think they are the fourth or fifth most profitable company in the world. Knowing how they think, I bet they are planning to scoop up some cheap assets and expand their market share now that some of the competition is down. They are pretty diversified so the credit hit shouldn't be as bad as some other banks. They also rely quite a bit on the consumer market but were never a large mortgage originator. That being said, I'm sure they carry quite a few mortgage related instruments on their balance sheet. I wouldn't wait to long to buy in.

Posted: Dec 17, 2007



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