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Bank of America Upgraded on Improving Economy and Slowdown of Legacy Issues

 Bank of America Corp (NYSE:BAC) was upgraded to buy from neutral by analysts at Citigroup Inc (NYSE:C). The analyst cited BAC potential to benefit from the improving economy and reduction of legacy issues affecting the bank as reasons for the upgrade. Moreover, the price target was raised to $19 a share from $16 a share. Compared to its peers, BAC is cheaper on valuation basis. If the economy continues to improve, BAC will have a solid performance in 2014 because the bank is highly cyclical. Shares of BAC are currently trading above 2 percent.