Citigroup Upgrades Bank of America Preferred Stocks

Citigroup has upgraded Bank of America's preferred stock and securities from Neutral to Buy, highlighting an attractive valuation relative to peers such as JPMorgan Chase. The upgrade is attributed to a potential convergence in valuation and expectations of a less stringent regulatory environment under the anticipated Trump administration. Fund sentiment shows some fluctuations, with varying changes in portfolio allocations among institutional holders. Analysts also increased the target price for Bank of America's stock to $54, indicating a potential upside of 21%. Bank of America's shares have risen over 32% year-to-date, and the outlook remains bullish with 17 of 24 analysts recommending a buy. The anticipated easing of Basel III Endgame regulations is expected to benefit banks, potentially lowering capital requirement increases from the previously planned 9%.