Bank of America upgraded to Market Perform from Underperform at Keefe Bruyette

Keefe Bruyette upgraded Bank of America to Market Perform from Underperform with a price target of $30, up from $29. The analyst cites the recent decline in long-term rates following the better than expected productivity report and weaker than expected jobs report for the upgrade. The strong momentum of higher rates broke, driving the 10-year yield down to the 4.50% range and reducing some risk on Bank of America’s mark-to-market HTM book, the analyst tells investors in a research note. The firm believes the stock’s valuation is now more attractive.