Citi analyst Keith Horowitz downgraded Bank of America to Neutral from Buy with an unchanged price target of $40. The analyst sees a "tricky period for bank stocks," saying net interest income tailwinds seem fully factored into stock prices. He sees downside risk to 2023 NII estimates, largely from a "catch up on deposit repricing and noninterest bearing deposit outflows outweighing the benefits of fixed rate assets repricing." Horowitz is cautious on Bank of America’s capital return due to potential for increased capital requirements.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on BAC:
- JPMorgan dodges buyout-loan bullet, WSJ reports
- Bank of America Corporation Announces Cash Tender Offers by BofA Securities, Inc. for up to $1.5 Billion in Aggregate Liquidation Preference of Certain Outstanding Depositary Shares of Bank of America Corporation
- Bank of America call volume above normal and directionally bullish
