UPDATE: Credit Suisse Reiterates Neutral Rating, Raises PT on Bank of America Corp. on Mixed Factors

In a report published Wednesday, Credit Suisse analyst Moshe Orenbuch reiterated a Neutral rating on Bank of America Corp. BAC, and raised the price target from $13.00 to $14.00. In the report, Credit Suisse noted, “BAC has made good progress on its efficiency program ($8Bn cost saves). However, leverage to reduce costs further will come from the mortgage business. Mtg delinquencies are tracking better and we think this drive expense declines in 2H'13 and early 2014. We are revising our 2013/14/15 EPS estimates to $1.05, $1.40 & $1.55 (from $0.99, $1.30, $1.45), respectively. Our revised price target of $14 (from $13) reflects 1.0x fwdTBV & 10x '14 EPS.” Bank of America Corp. closed on Tuesday at $14.29.