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 story : Citigroup cuts Bank of America to neutral on downside risk to net interest income #FinanceUSA #StockMarketNEWS Citigroup analyst Keith Horowitz on Monday downgraded Bank of America Corp. stock to

@stockMarketNEWS Tue 15 Nov, 2022

Posted in: #FinanceUSA #StockMarketNEWS

Citigroup cuts Bank of America to neutral on downside risk to net interest income #FinanceUSA #StockMarketNEWS
Citigroup analyst Keith Horowitz on Monday downgraded Bank of America Corp. stock to neutral from buy and kept his price target on the stock at a share. Tailwinds from higher net interest income or NII -- the profits banks make by issuing loans at a higher interest rate than they pay on deposits -- seem to be fully factored in for Bank of America, Horowitz said. "We see downside risk to 2023 NII largely from a catch up on deposit repricing and noninterest bearing deposit outflows outweighing the benefits of fixed rate asset pricing," Horowitz said. Citigroup also remains cautious on stock buybacks and dividends at Bank of America due to the potential for higher capital requirements. Shares of Bank of America are down about 1% in premarket trades. The stock has fallen 13.7% in 2022, compared to an 8.1% drop by the Financial Select Sector SPDR ETF and a 16.2% loss by the S&P 500 .


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