NEW YORK ( TheStreet) -- Bank of America ( BAC) saw its target price slashed by yet another analyst on Wednesday, as Paul Miller of FBR Capital Markets argued mortgage issues continue to plague the giant lender.
"There seems to be no end in sight for its litigation expenses, and there is little clarity into what the company will look like two to three years down the road," Miller wrote, as he reiterated his "market perform" rating while dropping his target price to $8 from $12. While Miller's criticisms are more detailed and pointed than most, he is just the latest in a long line of analysts to reduce his target price on Bank of America in recent weeks. Bank of America has long been seen as an outlier among giant U.S. banks due to its extensive mortgage risk, which is perceived as being larger than JPMorgan Chase ( JPM), Citigroup ( C), Wells Fargo ( WFC) and several other banks combined. Though the bank has shaken up top management, announced 30,000 layoffs, sold several businesses, and received a $5 billion preferred equity injection by Warren Buffett's Berkshire Hathaway ( BRK.B), it has so far been unable to meaningfully reverse the decline in its shares, which are down nearly 50% year to date. The shares were set to open slightly higher on Wednesday, however, as were those of Wells, JPMorgan and Citigroup. -- Written by Dan Freed in New York.