Bank of America Corp. was upgraded to an outperform from market perform by analysts at FBR & Co., citing drastically reduced litigation expenses going forward. Analysts raised the target price to $20 a share, or 27% above Wednesday's closing price, and believe the bank's core earnings power of the company should begin. The bank has proved it can execute its strategy on cost-cutting, said analysts. Earnings per share were raised to $1.60 from $1.50 in 2015. Shares for Bank of America were down 1.46% in premarket trading, as it suffered from a selloff in the broader market.
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