Citi Reiterates Buy on Bank of America

Citi is out with its report today on Bank of America BAC, reiterating Buy. In its report, 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 its $14 PT on BAC. At the time of posting, shares of BAC were trading pre-market at $7.82, down 4.28% from Friday's close.