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Downgrade Alert for Bank of America (BAC)

By Shiri Gupta

Bank of America (NYSE:BAC) was downgraded from Buy to Hold at Societe Generale today. The stock closed yesterday at $15.72 on volume of 89.1 million shares, below average daily volume of 93.1 million.

Bank of America Corporation accepts deposits and offers banking, investing, asset management, and other financial and risk-management products and services. The Company has a mortgage lending subsidiary, and an investment banking and securities brokerage subsidiary.

There is potential upside of 20.3% for shares of Bank of America based on a current price of $15.72 and an average consensus analyst price target of $18.92. Bank of America shares have support at the 200-day moving average (MA) of $15.47 and additional support at the 50-day MA of $13.75.

Over the past year, Bank of America has traded in a range of $10.99 to $18.48 and closed yesterday at $15.72, 43% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.2%.

SmarTrend recommended that subscribers consider buying shares of Bank of America on July 20th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $14.35. Since that recommendation, shares of Bank of America have risen 10.8%. We continue to monitor BAC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades Bank of america

Ticker(s): BAC