Citi rings the register on BofA; shares slip early

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

Bank of America (BAC -0.7%) may have been the cheapest bank stock on election day, but not any longer, says Citi's Keith Horowitz, downgrading to Neutral from Buy.

Outperformance since Nov. 9 means the valuation gap has been substantially closed, and BofA is now priced for a lot of good news like reflation, higher rates, and hitting its expense targets.

Horowitz's $25 price target compares to the current $23.44.