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Bank of America Corporation Message Board

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  • wareham2620 wareham2620 Dec 24, 2008 12:11 PM Flag

    So it took a downgrade by the s&p

    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
    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
    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

16.67+0.11(+0.66%)Oct 21 4:00 PMEDT