Bank of America Corp (NYSE:BAC) shares are trading lower by 2.68% to $34.29 Tuesday morning after Piper Sandler downgraded the stock to Underweight.
The stock could also be moving in sympathy with Goldman Sachs, which reported worse-than-expected fourth-quarter results.
What Happened?
Piper Sandler said the firm is lowering its rating to Underweight given uncertainty in the outlook.
Bank of America could also be seeing downward pressure possibly in sympathy with Goldman Sachs after the company reported fourth-quarter revenue of $10.59 billion, which missed average analyst estimates of $10.83 billion.
Sach’s top-line results were down 16% on a year-over-year basis, which primarily reflects significantly lower revenues in Asset & Wealth Management and lower revenues in Global Banking & Markets.
Goldman additionally reported quarterly earnings of $3.32 per share, which missed average estimates of $5.48 per share…Read More
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According to data from Benzinga Pro, BAC has a 52-week high of $50.11 and a 52-week low of $29.31.
