- "CCAR represents the binding capital constraint for Bank of America (NYSE:BAC)," says analyst Steven Chubak, pulling his Buy rating on the stock. The higher required capital, he says, cuts the ROE potential by 120 basis points to just 13%, supporting a price target cut to $17, and a downgrade to Neutral.
- Alongside the cut in BofA, Chubak upgrades JPMorgan (NYSE:JPM) to a Buy with price target hiked to $69 from $64. Citigroup (NYSE:C) remains Nomura's top pick among the banks.
BofA cut, JPMorgan raised, Citi still top pick at Nomura
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Symbol | Last Price | % Chg |
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Bank of America Corporation |