Bank of America shares downgraded to hold at Odeon By Investing.com

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Bank of America shares downgraded to hold at Odeon

Published Mar 08, 2023 09:36

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Bank of America shares downgraded to hold at Odeon

BAC

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By Senad Karaahmetovic

Odeon Capital Group analysts downgraded Bank of America (NYSE:BAC) shares to Hold from Buy, citing several reasons.

They believe BAC could see its loan growth slow down while loan losses are expected to increase.

“The company is a strong consumer lender. Yet it is likely that home mortgage growth will weaken. The industry data is not good at the moment,” they said in a note.

Other reasons behind the downgrade include:

• Despite the possible recession, interest rates are not expected to fall;

• This means that the bank must now pay much higher rates for deposits;

• Its net interest margin may decline;

• Its credit income is expected to be flat to down;

• Its capital markets activity could weaken;

• Its expenses are expected to be flat to slightly higher.

Bank of America shares trade modestly lower today.

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