UPDATE: Credit Suisse Lowering Price Target On Bank of America

Credit Suisse is out with a research report on Bank of America Corporation BAC and is lowering its price target to $14 from $17. It has an Outperform rating on shares. In a note to clients, Credit Suisse writes, "We expect more active management of the balance sheet, rightsizing of certain business activities/portfolios, as well as divestiture/run-off of assets in an effort to reduce the RWA inflation and improve capital. In a positive step, BAC announced the sale of its international credit card business which provides a solid beginning around BAC's ability to generate capital through various asset sales and strategies without the need for external capital." Shares of BAC closed at $7.40 yesterday.