Guggenheim Downgrades Bank of America to "Neutral"

Guggenheim Downgrades Bank of America to “Neutral”

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Because banks are facing larger headwinds, analysts at Guggenheim downgraded financial services giant Bank of America Corp (BAC) early on Friday.

The analysts downgraded BAC from “Buy” to “Neutral” and see shares reaching $17. This price target suggests a 21% upside to the stock’s Thursday closing price of $14.08.

Bank of America shares were down 9 cents, or 0.64%, during early morning trading on Friday. The stock is up 20.59% year-to-date.

The Bottom Line

Shares of Bank of America (BAC) offer a dividend yield of 0.28% based on Thursday’s closing price of $14.08 and the company’s annualized dividend payout of 4 cents per share.

Bank of America Corp (BAC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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