Bank of America upgraded to Buy from Neutral at Citi
The Fly

Bank of America upgraded to Buy from Neutral at Citi

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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