Boris Schlossberg Says It's A Mistake To Get Out Of Bank Of America's Stock

On CNBC’s "Trading Nation," Seema Mody discussed the Bank of America Corporation’s BAC downgrade by Baird. Boris Schlossberg of BK Asset Management said it's always a "mistake to get out of a winning stock" due to concerns surrounding its valuation.

According to Schlossberg, Bank of America’s stock still represents an upside move especially if the growth pace picks up in the next year.

He advises a stock substitution strategy for those people who are concerned with overvaluation issues.

See Also: Why This Bank Of America Analyst Is Turning Bearish

Baird analyst David George downgraded Bank of America from Neutral to Underperform and announced a $42 price target. With the bank’s stock having appreciated through most of 2020 and in early 2021, there seems to be limited upside and market expectations are “quite high,” according to Baird.

Price Action: Bank of America shares rose 0.1% to close at $47.88 on Tuesday, with the bank’s shares gaining around 11% over the previous month.