Another downgrade for Bank of America (BAC), as Bernstein cuts shares to Market Perform citing...

|About: Bank of America Corporation (BAC)|By:, SA News Editor

Another downgrade for Bank of America (BAC), as Bernstein cuts shares to Market Perform citing their YTD surge and the likelihood BofA still has work to do on its earnings. BofA may look cheap to its book value, the firm says, but on an earnings valuation, the stock is comparable to other big banks like JPM and C, and BofA doesn’t look like it deserves that yet. (yesterday)