Bank of America Trapped in $10 Range

NEW YORK ( TheStreet) -- Bank of America ( BAC) saw two more analysts raise their price targets on the stock Monday, but they still see the shares trading in the $10 range.

UBS analyst Brennan Hawken raised his target to $10 from $8, citing "lower tail risk." Tail risk refers to the risk of a highly unusual event such as a Euro breakup, throwing markets into panic mode.

However, Hawken lowered estimates for 2012 to $0.13 from $0.17 due to "moderated expense reduction expectations and the dilution from increased stock-based compensation." He maintained his "neutral" rating on the shares.

Deutsche Bank analyst Matt O'Connor, meanwhile, upped his target price to $9 from $7.5 while maintaining a "Hold" rating. O'Connor's report could not be obtained early Monday.

Bank of America shares closed Friday at $9.57 and were set to open slightly lower on Monday.

-- Written by Dan Freed in New York.

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