Citigroup analyst Keith Horowitz on Monday downgraded Bank of America Corp. undefined stock to neutral from buy and kept his price target on the stock at $40...
Citigroup analyst Keith Horowitz on Monday downgraded Bank of America Corp. stock to neutral from buy and kept his price target on the stock at $40 a share. Tailwinds from higher net interest income or NII -- the profits banks make by issuing loans at a higher interest rate than they pay on deposits -- seem to be fully factored in for Bank of America, Horowitz said.
BAC stock to neutral from buy and kept his price target on the stock at $40 a share. Tailwinds from higher net interest income or NII -- the profits banks make by issuing loans at a higher interest rate than they pay on deposits -- seem to be fully factored in for Bank of America, Horowitz said."We see downside risk to 2023 NII largely from a catch up on deposit repricing and noninterest bearing deposit outflows outweighing the benefits of fixed rate asset pricing," Horowitz said.
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