Bank of America Corporation (NYSE:BAC) is one of the most undervalued blue chip stocks to buy according to hedge funds. Phillip Securities downgraded Bank of America Corporation (NYSE:BAC) to Accumulate from Buy on July 25, raising the price target to $50 from $45.
A professional banker providing consultation to a customer in the security of his office.
The firm told investors that Bank of America Corporation’s valuation after the recent share rally was the primary reason behind the downgrade. It anticipates the bank’s investment fees and net interest income to support earnings.
Bank of America Corporation is a bank and financial holding company that operates in the Consumer Banking, Global Wealth and Investment Management (GWIM), Global Banking, and Global Markets segments.
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This article is originally published at Insider Monkey.
