Shares of Bank of America (BAC) - Get Bank of America Corp Report were higher nearly 4% during early morning trading on Monday following a downgrade of the stock at Berenberg to "Hold" from "Buy" with a $22 price target.
The time has come for investors to take profits, Berenberg analyst James Chappell wrote, adding, interest rates are unlikely to rise much higher than what has already been priced into the stock's equity valuations.
Moreover, regulation and tax reform are likely to take longer than anticipated and not be as advantageous for the banks as many might have expected, Chappell argued.
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