Bank of America (BAC) Reportedly Defended at Citi

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UPDATE: UBS Downgrades Bank of America (BAC) to Neutral on Risk of Qualitative Failure

February 27, 2015 6:38 AM EST

(Updated - February 27, 2015 1:42 PM EST)

UBS downgraded Bank of America (NYSE: BAC) from Buy to Neutral with a price target of $16 (from $20). Analyst Brennan Hawken pointed to missteps in the capital planning process. 2015/2016 EPS estimates were lowered by 5c/15c to $1.20/$1.60 due to removal of our previous buyback assumptions and higher expenses.

"Much as the Banamex/Oceanographia fraud foreshadowed Citi's qualitative fail in last year's CCAR, we are concerned that the mandated... More