Bank of America Corp. Lowered to “Neutral” at Guggenheim (BAC)
Bank of America Corp. (NYSE:BAC) was downgraded by equities researchers at Guggenheim from a “buy” rating to a “neutral” rating in a research report issued on Friday, TheFlyOnTheWall.com reports.
Shares of Bank of America Corp. (NYSE:BAC) opened at 14.08 on Friday. Bank of America Corp. has a one year low of $8.79 and a one year high of $15.03. The stock has a 50-day moving average of $14.38 and a 200-day moving average of $13.39. The company has a market cap of $151.3 billion and a price-to-earnings ratio of 30.81.
Bank of America Corp. (NYSE:BAC) last posted its quarterly earnings results on Wednesday, July 17th. The company reported $0.32 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.25 by $0.07. The company had revenue of $22.95 billion for the quarter, compared to the consensus estimate of $22.61 billion. During the same quarter in the prior year, the company posted $0.19 earnings per share. Analysts expect that Bank of America Corp. will post $0.90 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Societe Generale initiated coverage on shares of Bank of America Corp. (NYSE:BAC) in a research note to investors on Thursday, September 19th. They set a “buy” rating and a $17.00 price target on the stock. Separately, analysts at JPMorgan Chase & Co. raised their price target on shares of Bank of America Corp. (NYSE:BAC) from $15.50 to $16.00 in a research note to investors on Wednesday, September 18th. They now have an “overweight” rating on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Bank of America Corp. (NYSE:BAC) in a research note to investors on Tuesday, September 3rd. They now have a $15.00 price target on the stock. Three analysts have rated the stock with a sell rating, sixteen have issued a hold rating and twelve have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $14.24.
Bank of America Corporation (NYSE:BAC) is a bank holding company, and a financial holding company.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.