KBW Reiterates Market Perform on Bank of America (BAC)

KBW is out with its report today on Bank of America BAC, reiterating Market Perform. In a note to clients, KBW writes, "BAC reported an expense-driven miss in the quarter, weighing on near-term earnings expectations. That said, credit continued to improve and we believe the path remains fairly clear for mgmt to reach its $45-$50 billion annual PTPP earnings goals – albeit the timing of such success remains very much in doubt due to continued mortgage woes." At the time of posting, shares of BAC were trading pre-market at $12.76, down 0.47% from Friday's close.