Another valuation-related downgrade for BofA

• “Take profits and selectively reduce exposure,” says Baird's David George, pulling his Outperform rating on Bank of America (BAC -1.9%) after the stock blasted through his $17 price target.
• BofA is higher by nearly 20% since the election, and by more than 60% since late June.
• The rally over the last few sessions alone has priced in higher rates, lower taxes, and more aggressive capital return, he says, and he advises investors to wait and actually see if structural improvement in macro trends actually materializes.
• George also cuts Capital One (COF -2.9%) to Neutral from Outperform, and Fifth Third (FITB -3%) to Underperform from Neutral.
• Previously: Sell-side takes profits on banks (Nov. 16)