Bank of America Q4 actions modestly beneficial, says Wells Fargo

Wells Fargo views Bank of America's agreement with Fannie Mae and sale of its mortgage servicing portfolio as modestly beneficial for the company. Wells cut its Q4 GAAP earnings estimate for Bank of America to 4c from 13c, but only dropped its core earnings estimate to 25c from 26c. The firm believes today's announcement brings the bank "another step closer to normal" and keeps a Market Perform rating on the stock.

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