Apr. 1 at 3:58 PM
Bank of America is trading at a discount, and investors would be wise to scoop up shares of the bank, according to HSBC Global Investment Research.
The research arm of HSBC upgraded Bank of America stock to buy from hold. However, it lowered its price target on shares to
$55 from
$57, with the aim of incorporating “higher costs of equity on the back of greater macro uncertainties,” according to its analysts’ recent note to clients.
“For BAC, we feel its leadership position across financial services businesses, better-than-average EPS growth outlook, and strong credit track record are no longer adequately reflected in its valuation,” HSBC analyst Saul Martinez said Tuesday in a note to clients.
$BAC