Oppenheimer Has Perform Rating On Bank of America (BAC)

Oppenheimer & Co. has a Perform rating on shares of Bank of America BAC after the company reported earnings on Friday. In a note to clients, Oppenheimer writes, "First-quarter results contained a lot of noise but the core items were more or less as we expected and bear witness to the industry's ongoing recovery: Credit quality continues to improve and loan volumes are bottoming out. Trading results were a bit below what was indicated at investor day, but bear witness to a solid seasonal rebound from depressed 4Q levels. The company also announced a settlement with monoline insurer Assured Guarantee which resolved claims against $36B of private label RMBS does not yet give us comfort that we can really size BAC's ultimate private label put back cost. Thus, we continue to prefer the other major bank stocks at this juncture." Shares of BAC lost 31 cents on Friday to close at $12.82, a loss of 2.36%.