Bank of America (BAC: NYSE) Down-Graded By Fox-Pitt Kelton Cochran Caronia Waller
Bank of America (BAC: NYSE) By Fox-Pitt Kelton Cochran Caronia Waller ($12.89, July 20, 2009)
WE ARE DOWNGRADING SHARES of Bank of America (ticker: BAC) to In Line from Outperform, based on our view that: Bank of America continues to struggle to generate positive earnings per share on a core basis, which is likely to continue in second-half 2009 on credit and core revenue headwinds; tangible book value (TBV) is expected to decline in the third quarter and fourth quarter and year-end 2010 to be below current estimates; "normalized" EPS will likely pushed out and less conviction around what norm ...
WE ARE DOWNGRADING SHARES of Bank of America (ticker: BAC) to In Line from Outperform, based on our view that: Bank of America continues to struggle to generate positive earnings per share on a core basis, which is likely to continue in second-half 2009 on credit and core revenue headwinds; tangible book value (TBV) is expected to decline in the third quarter and fourth quarter and year-end 2010 to be below current estimates; "normalized" EPS will likely pushed out and less conviction around what norm ...
Comments
Post a Comment