Bank of America Shares Lowered to 'Hold' (*** out of *****) from 'Buy,' FleetBoston Maintained at 'Hold' (*** out of ****) by S&
27 Octubre 2003 - 12:36PM
PR Newswire (US)
Bank of America Shares Lowered to 'Hold' (*** out of *****) from
'Buy,' FleetBoston Maintained at 'Hold' (*** out of ****) by
S&P Equity Research NEW YORK, Oct. 27 /PRNewswire/ -- Standard
& Poor's banks equity analyst downgraded the STARS ranking on
shares of Bank of America to "Hold" (*** out of *****) from "Buy"
(***** out of *****) at $73.80 per share, and maintained the STARS
ranking on FleetBoston Financial of "Hold" (*** out of *****) at
$39.35 per share. A leading provider of independent investment
research, ratings and indices, Standard & Poor's made this
announcement through Standard & Poor's MarketScope, its
real-time market intelligence service. "We are downgrading our
opinion on Bank of America to "Hold" as it agrees to merge with
FleetBoston Financial," says Mark Morgan, Banks Analyst, Standard
& Poor's Equity Research Services. "The planned deal is
expected to close in the second quarter of 2004, pending necessary
approvals. We are concerned about the premium paid for FleetBoston
(the deal is expected to be worth about $45 per FleetBoston share),
a company we think has low earnings visibility, a volatile earnings
history, and ongoing credit quality issues. We are cutting Bank of
America's 2004 estimate to $7.00 from $7.25 to reflect the expected
earnings dilution. We think integration challenges raise risk for
Bank of America stock. We are also lowering our 12-month target
price on Bank of America's shares to $80 from $95, based on a
price/earnings ratio of 11.5 times our 2004 estimate," concludes
Morgan. About Standard & Poor's STock Appreciation Ranking
System (STARS) Standard & Poor's Stock Appreciation Ranking
System (STARS), which was first introduced on December 31, 1986,
reflects the opinions of Standard & Poor's equity analysts on
the price appreciation potential of 1,200 U.S. stocks for the next
12 month period. Rankings range from five-STARS ("Buy") to
one-STARS ("Sell"). About Standard & Poor's Standard &
Poor's Equity Research Services has the largest U.S. equity
coverage count among equity research firms that are not affiliated
with a Wall Street investment bank, analyzing 1,200 U.S. stocks.
Standard & Poor's, a division of The McGraw-Hill Companies
(NYSE:MHP), is the world's foremost provider of independent credit
ratings, indices, risk evaluation, investment research, data and
valuations. With 5000 employees located in 20 countries, Standard
& Poor's is an essential part of the world's financial
infrastructure and has played a leading role for more than 140
years in providing investors with the independent benchmarks they
need to feel more confident about their investment and financial
decisions. For more information, visit
http://www.standardandpoors.com/. The analyst quoted above is a
Standard & Poor's equity analyst. He has no affiliation with
any company referenced above. He has no ownership interest in any
company referenced above. Standard & Poor's other affiliates
may provide services to the companies that are the subject of this
report. Standard & Poor's analytic services are performed as
entirely separate activities in order to preserve the independence
of each analytic process. In this regard, STARS, which are
published by Standard & Poor's Equity Research Services,
operates independently from, and has no access to information
obtained by Standard & Poor's Ratings Services, which may in
the course of its operations obtain access to confidential
information. Standard & Poor's analytic services are performed
as entirely separate activities in order to preserve the
independence of each analytic process. In this regard, STARS, which
are published by Standard & Poor's Equity Research Services,
operates independently from, and has no access to information
obtained by Standard & Poor's Rating Services, which may in the
course of its operations obtain access to confidential information.
DATASOURCE: Standard & Poor's CONTACT: John J. Piecuch
Communications Manager (+1) 212-438-1102 Web site:
http://www.standardandpoors.com/
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