Citi upgraded Bank of America (BAC) to Buy from Neutral with a price target of $54, up from $46. The best way to play bank group post the election is “convergence,” the analyst tells investors in a research note. The firm says the valuation spread between BAC and JPMorgan (JPM) “remains very outsized adjusted for returns.” Citi sees a “very attractive risk/reward” in Bank of America, saying the bank is “a low-risk firm” and could benefit from a lighter regulatory environment.
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