Bank of America price target lowered to $34 from $40 at RBC Capital

RBC Capital analyst Gerard Cassidy lowered the firm’s price target on Bank of America to $34 from $40 and keeps an Outperform rating on the shares. The analyst states that the "excessive" tightening by the Federal Reserve, resulting in a "deep recession" in 2023, poses a key risk for the bank as it would bring on elevated levels of credit losses and depress earnings.