Credit Suisse Cuts Bank of America Corp (NYSE:BAC) Rating - CM, HOMB, FBNK

Pompano Beach, FL -- (SBWIRE) -- 01/09/2013 -- Bank of America Corp (NYSE:BAC) dropped Wednesday, following Credit Suisse analysts lowered the shares of bank.Analysts led by Moshe Orenbuch trimmed Bank of America shares from "sell" to "hold" stating that they are not sure if the bank can increase revenue or trimmed costs as fast as the existing stock price might assume.

Is BAC a Solid Investment at These Levels? Read This Report For Details

Orenbuch trimmed his forecast for 2013 per-share earnings to $1.08 from $1.15, and his forecast for 2014 to $1.40 from $1.55.

The elevated cost of working through problem mortgages, and paying to resolve or defend itself versus mortgage-related lawsuits, will continue to be a weigh on the bank, Orenbuch commented.

At the current trading session, Bank of America Corp (NYSE:BAC) shares lost -3.51% to $11.56 while The Stock traded within the range of $11.53 – $12.00. In the past year, the stock has traded within a range of $6.41 – $12.20. The current session’s volume of 152.33 million shares is down from the average daily trading volume of 167.98 million shares.

Why Should Investors Buy BAC After the Recent Fall? Just Go Here and Find Out

While If we look at the few other stocks within industry, Canadian Imperial Bank of Commerce, Home Bancshares Inc and First Connecticut Bancorp Inc were remain in the gainers list. Let’s have a quick look on their Market performance.

Canadian Imperial Bank of Commerce (USA) (NYSE:CM) shares are up +1.11% to $82.91 while the stock is traded within the range of $82.22 – $82.95 in the current trading session. In the last 12 months the shares have traded between $66.32 and $83.67. The current session’s volume of 68,000 shares is lower than their average daily trading volume of 141,387 shares.

For How Long CM will Fight for Profitability? Read This Trend Analysis report

Home Bancshares Inc (NASDAQ:HOMB) shares in the current session moved up +0.39% reaching at $33.55. The stock traded in a range of $33.24 – $33.88. In the last year the stock has moved within a range of $24.68 – $35.84. The current session’s volume of 35,153 shares is lower from their average daily trading volume of 85,215 shares.

Will HOMB Continue To Move Higher? Find Out Here

Another rival company First Connecticut Bancorp Inc (NASDAQ:FBNK) trading up +0.64% to $14.09. Intraday trading recorded the stock price in a range of $14.02 to $14.10. In the previous 52 weeks the stock’s price ranged between $12.39 and $14.10. The current session’s volume of 18,840 shares was higher from their average daily trading volume of 60,288 shares.

Why Should Investors Buy FBNK After The Recent Gain? Just Go Here and Find Out

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