Bank of America (NYSE:BAC):
The bank was the best performing blue-chip in the Dow Jones Industrial Average last year and beat the S&P 500 for the first time since 2006. However, its stock price still needs to more than triple to reach pre-crisis levels.
On Wednesday, Credit Suisse downgraded Bank of America to Neutral from Outperform. In a note to clients, the firm explains, “Current Valuation appears to be ahead of the company’s near to intermediate-term performance and appears to be discounting significantly faster improvements in efficiency than we would be expecting.”
A CEO departure boosted this bank…