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Downgrade Alert for Bank of America (BAC)

By Amy Schwartz

Bank of America (NYSE:BAC) was downgraded from Outperform to Market Perform at Keefe Bruyette today. The stock closed yesterday at $13.93 on volume of 57.7 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.

In the past 52 weeks, shares of Bank of America have traded between a low of $10.99 and a high of $18.48 and closed yesterday at $13.93, which is 27% above that low price. The 200-day and 50-day moving averages have moved 0.48% lower and 1.23% higher over the past week, respectively.

There is potential upside of 35.8% for shares of Bank of America based on a current price of $13.93 and an average consensus analyst price target of $18.92. Bank of America shares should encounter resistance at the 200-day moving average (MA) of $15.47 and support at the 50-day MA of $13.75.

SmarTrend recommended that subscribers consider buying shares of Bank of America on March 2nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $13.32. Since that recommendation, shares of Bank of America have risen 4.2%. 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