Wall Street Zen upgraded Bank of America Corp. (NYSE: BAC) from a "sell" rating to a "hold" in a research note issued Sunday. This revision signals a more neutral short-term outlook on the stock from the firm.
The upgrade contrasts with the broader analyst consensus, which maintains a "Moderate Buy" rating on BAC shares. The consensus price target stands at $58.59.
A majority of analysts rate the stock as a buy, supporting this positive sentiment. They cite opportunities for market share growth and note strong performance across the consumer banking and investment services divisions.
No significant market reaction to the upgrade was noted.