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Upgrade Alert for Bank of America (BAC)
Nov 09, 2012 (SmarTrend(R) Upgrades/Downgrades via COMTEX) --
Bank of America (NYSE:BAC) was upgraded from Hold to Buy at ISI Group today. The stock closed yesterday at $9.39 on volume of 223.7 million shares, above average daily volume of 144.0 million. Bank of America (NYSE:BAC) defies analysts with a current price ($9.39) 0.4% above its average consensus price target of $9.35. Bank of America shares have support at the 50-day moving average (MA) of $9.00 and additional support at the 200-day MA of $8.22.
In the past 52 weeks, Bank of America share prices have been bracketed by a low of $4.92 and a high of $10.10 and closed yesterday at $9.39, 91% above that low price. The 200-day and 50-day moving averages have moved 0.56% higher and 1.07% higher over the past week, respectively.
Bank of America Corporation accepts deposits and offers banking, investing, asset management, and other financial and risk-management products and services. The Company has a mortgage lending subsidiary, and an investment banking and securities brokerage subsidiary.
SmarTrend recommended that subscribers consider buying shares of Bank of America on June 19th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $8.04. Since that recommendation, shares of Bank of America have risen 16.9%. We continue to monitor BAC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Write to Chip Brian at cbrian@mysmartrend.com
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