Bank of America Shares Decline Following Downgrade

Bank of America  (BAC) - Get Report shares were down slightly Tuesday after analysts at Deutsche Bank lowered the company's rating to HOLD from BUY because the stock is currently fairly valued. The firm noted that the stock is currently trading at 11 times future earnings, which is about 65% relative to the rest of the S&P 500. Furthermore, upside to the stock is tied to a pickup in economic activity, higher interest rates and stronger capital market revenues, according to Deutsche.