Bank of America Corp
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Financials : Banks | Large Cap Value
Company profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.

Day's Change
0.03 (0.15%)
B/A Size
Day's High
Day's Low
(Heavy Day)

Today's volume of 2,518,933 shares is on pace to be much greater than BAC's 10-day average volume of 121,756,197 shares.


Tesla upgraded to neutral from underperform at BofA after stock almost halved in a month

10:07 am ET March 18, 2020 (MarketWatch)

BofA Securities upgraded the stock of Tesla Inc. (TSLA) to neutral from underperform on Wednesday, after it almost halved in the space of a month. Still, "while we continue to view TSLA as a trailblazer in the electric vehicle (EV) market, we believe investor optimism around the company and its business/financial future remains overhyped and litany of risks remain underappreciated, which keeps us relatively cautious on the stock despite the upgrade," analysts led by John Murphy wrote in a note to clients. The bank raised its stock price target to $500 from $370. "What the run up in TSLA stock from $300/sh to $900/sh+ in the span of 3 months has proven, however, is that valuation is a self-fulfilling prophecy of sorts; and we consider such "peak" valuation levels in our bull case scenarios, as well as a slightly higher probability of being achieved," said the note. Among the risk factors BofA identifed are that profitability and cash flow are not good or consistent; the company is still not self funding after a decade; credit investors are skeptical, but with equity cushion, have hopped on the bandwagon; "creative accounting and presentation helps on a transitory basis," and finally momentum buying is helping for now but a rotaiton of value stocks "could be painful." Tesla shares were down 6%, but have gained 50% in the last 12 months, while the S&P 500 has fallen 11%.

-Ciara Linnane; 415-439-6400;

(END) Dow Jones Newswires

March 18, 2020 10:07 ET (14:07 GMT)

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