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BofA cut, JPMorgan raised, Citi still top pick at Nomura

Sep. 03, 2014 7:39 AM ETBank of America Corporation (BAC) StockBAC, JPM, CBy: Stephen Alpher, SA News Editor5 Comments
  • "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.

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