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Bank of America Corporation Message Board

  • rbrtpiccirillo rbrtpiccirillo Dec 24, 2008 11:57 AM Flag

    So it took a downgrade by the s&p

     

    to wake this puppy up.
    Go figure

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    • Highlights
      ä The STARS recommendation for BAC has recently
      been changed to 2 (sell) from 3 (hold)
      and the 12-month target price has recently
      been changed to $10.00 from $17.00. The Highlights
      section of this Stock Report will be updated
      accordingly.
      Investment Rationale/Risk
      ä The Investment Rationale/Risk section of this
      Stock Report will be updated shortly. For the
      latest News story on BAC from MarketScope,
      see below.
      ä 12/23/08 03:04 pm ET ... S&P REITERATES
      DOWNGRADE EARLIER TODAY ON SHARES OF
      BANK OF AMERICA TO SELL (BAC 12.86**): Prior
      opinion was Hold.We also lower EPS estimates
      to reflect our higher projection of securities
      writedown and loss provisions. Based on
      widening spreads in secondary market, particularly
      for commercial real estate, we look for Q4
      writedowns to be up from Q3. In addition, we
      think BAC will continue to add to reserves well
      above chargeoff levels because of worsening
      of credit conditions. All told, we are reducing
      our '08 and '09 EPS estimates by $0.14 and
      $0.48, respectively, to $1.33 and $1.87. Our target
      price, cut earlier from $17, is $10, in line

 
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