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Schaeffer's Street Stories: Bank of America Corporation Shrugs Off a Fresh Price-Target Reduction

^{Published on 2009-01-26 11:43:14, Last Modified on 2009-01-26 11:43:40 - Market Wire}
 

CINCINNATI--([ BUSINESS WIRE ])--Despite a hefty price-target cut from Goldman Sachs, Bank of America Corporation (NYSE: BAC) has added an impressive 8.8% today. Specifically, Goldman slashed its price target from $35 to $7 and lowered its rating from "buy" to "neutral."

Also hitting newsstands this morning, John Thain, who was forced out of the bank after its acquisition of Merrill Lynch, announced in a farewell memo to Merrill staff that he would reimburse Bank of America for about $1.2 million in money he spent during the past year to renovate his office, 2 conference rooms, and a reception area. The former Merrill chief attracted sharp criticism when the expenses were made public. Thain concluded his memo by thanking staffers, and said, "The expenses were incurred over a year ago in a very different environment. Nonetheless, they were a mistake in the light of the world we live in today. I will therefore reimburse the company for all of the costs incurred."

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