Bank of America: Financial Winners & Losers - TheStreet

Bank of America: Financial Winners & Losers

Bank of America shares traded higher after Credit Suisse analysts upgraded the stock.
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(

Updated with stock price moves

.)

NEW YORK (

TheStreet

) --

Bank of America

(BAC) - Get Report

was among the best performers of the financial sector Thursday following an upgrade of the bank's stock.

Bank of America

shares climbed 4.3% after Credit Suisse analysts upgraded the stock to outperform from neutral, raising the stock price target to $21 from $17. The firm said Bank of America, along with

JPMorgan Chase

(JPM) - Get Report

, are its top picks among large-cap banks

"For 2010 we see U.S. financials overall as still cheap," Credit Suisse analysts wrote in a research note. "The key catalyst for the banks will be the end of loan loss reserve builds, and the eventual release of a portion of those reserves, which we project will be a big driver of

earnings per share growth in 2011/2012."

While Credit Suisse said it expects book value growth of 13% for large banks in 2010, it expects book value to fall 3% for regional banks.

Fifth Third Bancorp

(FITB) - Get Report

is the firm's top pick among the regionals.

Bank of America added 4.3% to $17.10, JPMorgan shares were up 2.6% to $45.06, and Fifth Third gained 6.7% to $11.15.

Most other bank stocks were higher.

Wells Fargo

(WFC) - Get Report

gained 4.3% to $29.33,

Morgan Stanley

(MS) - Get Report

rose 2.3% to $33.19,

Goldman Sachs

(GS) - Get Report

climbed 2.1% to $177.89, and

Citigroup

(C) - Get Report

tacked on 1.1% to $3.68.

Credit Suisse also upgraded

Chubb

(CB) - Get Report

to neutral from underperform, citing valuation. However, the firm lowered its price target to $52 from $57. Chubb shares were up 3% to $49.55.

Among other analyst moves, Wells Fargo downgraded

MasterCard

(MA) - Get Report

to market perform from outperform on valuation. On the other hand, Keefe, Bruyette & Woods upgraded

Allied Irish Banks

(AIB)

to market perform from underperform, arguing that the risk/reward is more balanced after the stock's recent underperformance.

MasterCard shares fell 0.7% to $253.73, while rival

Visa

(V) - Get Report

tacked on 0.7% to $86.54. Allied Irish Banks rallied 6.3% to $4.87, and fellow Irish bank

Bank of Ireland

(IRE)

gained 3.6% to $10.

Elsewhere, online brokers traded mixed after

Charles Schwab

(SCHW) - Get Report

said it would cut trade commissions. Beginning Jan. 19, investors who hold less than $1 million in household assets at Schwab or who traded fewer than 120 times per year will pay $8.95 per online trade in stocks or non-Schwab exchange traded plus charges for trades larger than 1000 shares, down from $12.95.

Schwab shares fell 0.7% to $19.23, and

TD Ameritrade

(AMTD) - Get Report

lost 3.6% to $18.85.

E*Trade Financial

(ETFC) - Get Report

bucked the trend and was up 1.1% to $1.81.

-- Written by Robert Holmes in Boston

.

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