Goldman Sachs Maintains Buy on Bank of America Corporation (BAC)

Goldman Sachs is out with its report today on Bank of America Corporation BAC, maintaining Buy. In a note to clients, Goldman Sachs writes, "We maintain our Buy rating, as the inability to return capital is a disappointing sign, but we didn't view capital returns as a big driver for returns during 2011/12 for BAC. We believe the market is more focused on BAC 1) building its capital base to become Basel 3 compliant, 2) cleaning up its expense base to remove ~$8bn of environment costs and 3) working through legacy housing issues. Our 12-month price target remains $16 which is based on 8X our 2012 EPS estimate of $2.00." At the time of posting, shares of BAC were trading pre-market at $13.63, down 0.15% from Wednesday's close.