Bank of America story updated to include reduced target price from Evercore.NEW YORK ( TheStreet) -- Bank of America ( BAC) saw another analyst reduce his target price early Friday, the latest in a slew of analytical negativity around the embattled bank.
|Shares were higher Wednesday|
Also on Aug. 9, Keefe, Bruyette & Woods analyst Jefferson Harralson lowered his price target of Bank of America to $10 from $11.5 citing "increased chances of recession" and "concern" that an $8.5 billion settlement Bank of America reached with a group of 22 institutional investors will fall apart. New York Attorney General Eric Schneiderman recently filed a lawsuit arguing the settlement did not recover enough for investors who bought mortgage backed securities sold by Bank of America. Harralson left his overall recommendation on the stock unchanged at "market perform." Bank of America shares were lower ahead of Friday's open following a report in The Wall Street Jourrnal that the bank would cut 3,500 jobs and weakness in stocks generally. -- Written by Dan Freed in New York.