UBS downgraded Bank of America to Neutral from Buy with a price target of $40, up from $39. The analyst believes the shares are trading at fair value and sees a “rate trap” ahead. Share upside in Bank of America is limited over the next 12 months, says UBS, after adjusting its estimates upward to reflect three interest rate cuts in 2024 and four cuts in 2025.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BAC:
- Q2 2024 Bullish for Bitcoin, Says Coinbase
- Do U.S. Bank Stocks Deserve Their Valuation Premiums vs. UK Bank Stocks?
- Palantir downgraded, CyberArk initiated: Wall Street’s top analyst calls
- Bank of America price target raised to $44 from $40 at Wells Fargo
- Bank of America downgraded to Hold from Buy at HSBC
