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.