NEW YORK (AP) — Shares of Bank of America Corp. continued their rapid climb Thursday, hours ahead of the expected announcement of bank stress test results and following a pair of analyst upgrades. Bank of America shares jumped $1.57, or 12.4 percent, to $14.26 in morning trading, after gaining 17 percent on Wednesday. Shares have gained 46 percent since the end of last week.
Morgan Stanley analyst Betsy Graseck raised her rating on the Charlotte, N.C.-based bank to "Overweight" from "Underweight" and lifted her price target to $25 from $16. Separately, Robert W. Baird & Co. analyst David George upgraded the stock to "Outperform" from "Neutral" and doubled his price target to $18. Both upgrades come amid reports that Bank of America will need about $34 billion to cover potential capital shortfalls based on the results of the government's stress tests on 19 banks.
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