Bank of America Downgraded By Mayo

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.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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