Analysts continue to slash estimates on bank stocks. Today it was Bank of America’s (BAC) turn. Citigroup lowered its estimates and price target on Bank of America due to marks and higher credit costs.
The firm lowered their Q4 EPS estimates by $0.40 to $0.02 per share (consensus is $0.41). The firm lowered the Q4 estimates to reflect $1.5 billion in mark-to-market losses, $2.7 billion of reserve additions for credit card, residential mortgage/home equity and corporate lending in the GCIB