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JMP Securities Upgrades Bank of America to “Market Perform” (BAC)

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January 3rd, 2013

JMP Securities Upgrades Bank of America to "Market Perform" (BAC)

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JMP Securities analysts upgraded multinational banker and financial services company Bank of America Corp (BAC) as industry sales growth is expected to increase.

The analysts upgraded BAC from “Underperform” to “Market Perform.” The firm also increased Bank of America’s earnings estimates due to the overall expectation of financial industry sales growth.

Bank of America shares were up slightly during premarket trading on Thursday. The stock is up +116.37% over the past year.

The Bottom Line
Shares of Bank of America (BAC) have a .33% dividend yield, based on last night’s closing stock price of $12.03. The stock has technical support in the $10.50-$11.00 price area. If the shares can firm up, we see overhead resistance around the $13.50 price level.

Bank of America Corp (BAC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 2.9 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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Disclaimer: Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. The author is not registered as an investment adviser. The author may or may not hold positions in the securities mentioned in this article or video. The author relies upon the "publisher's exclusion" from the definition of "investment adviser" as provided under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws.