Bank of America upgraded to market perform at KBW because ‘the fever broke’ around bond yields

📆 7/11/2023 1:23 p. m.
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KBW’s David Konrad sees valuation boost for the bank as Treasury yields drop well below 5%.

Bank of America Corp. has drawn an upgrade to market perform from underperform at Keefe, Bruyette & Woods after “the fever broke” around higher bond yields that have impacted bank stocks.

“The fever broke,” Konrad said in a research note published on Sunday. “We believe the lower rates may drive favorable positioning in stock, and we believe the stock’s valuation is more attractive.” “Although we expect challenging NII results over the next two quarters, we believe NII will level out in 2024 and show modest growth in 2025, partly due to less pressure on debt costs,” Konrad said.

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