Financial Services
Bank of America Downgraded By Mayo
Stock quotes in this article:BAC
NEW YORK (TheStreet) -- Bank of America(BAC) received its third downgrade in the last two trading days as CLSA analyst Mike Mayo cut his recommendation on the shares to "underperform" from "outperform," cutting his target price to $8 from $11.
The downgrade was Mayo's second for Bank of America in the less than a month. Mayo cut Bank of America to "outperform" from "buy," July 20. A copy of Mayo's downgrade could not immediately be obtained and news of the downgrade was first reported by Bloomberg. Bank of America shares were already down nearly 18% Monday ahead of Mayo's downgrade. On Friday, Bank of America was downgraded by equity analysts from Standard& Poor's and Wells Fargo. -- Written by Dan Freed in New York.TheStreet Premium Services
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