Bank of America upgraded to Outperform from Neutral at Baird

Baird upgraded Bank of America (BAC) to Outperform from Neutral with a price target of $50, up from $45. The risk/rewards in the U.S. banks group have improved after this week’s share weakness, the analyst tells investors in a research note. The firm says the recent weakness in the bank group has resulted in an opportunity to get more constructive. While the group could remain volatile near term, upside potential “finally outweighs downside risk in several bank names as the election euphoria has faded and then some,” contends Baird. It views Bank of America as a “great franchise at a reasonable price.”