Citi Maintains Buy on Bank of America

Citi is out with its report today on Bank of America BAC, maintaining Buy. In a note to clients, Citi writes, "We rate the shares of Bank of America Buy/High Risk (1H). We believe BAC represents the best value in the group trading at a discount to the group on normalized earnings. BAC is highly levered to an improved economy, which we believe will take a while to materialize. However, we believe the valuation discrepancy is too wide, and continues to offer investors the best way to invest in the banking sector." Citi maintains a $16 PT on BAC. At the time of posting, shares of BAD were trading pre-market at $11.16, up 0.18% from Wednesday's close.