Piper Sandler analyst R. Scott Siefers downgraded Bank of America to Underweight from Neutral with a price target of $33, down from $36. The analyst fears there could be further pressure on the bank’s net interest income outlook given trends at its closest peers. Bank of America’s cost control will need to be excellent just to meet Piper’s updated expectations, Siefers tells investors in a research note. Given his concerns about the "cloudier outlook" relative to peers, combined with its "strong valuation," the anatta see sbetter opportunity elsewhere and suspects Bank of America shares "could have trouble gaining traction until the picture crystallizes more."
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