Atlantic Equities analyst John Heagerty downgraded Bank of America to Neutral from Overweight with a $40 price target. The analyst cites the bank’s slowing net interest income growth and headwinds facing its non-II revenues in 2023 for the downgrade. From a macro perspective, banks typically underperform heading into a recession, the analyst tells investors in a research note. The firm anticipates outperformance "once there is a clearer understanding about the depth of the likely economic slowdown."
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