(Bloomberg) — Shares of Bank of America Corp. and JPMorgan Chase & Co. fell pre-market Tuesday after UBS cut its ratings on the two stocks, piling on to Monday’s spate of big bank downgrades.UBS analysts led by Saul Martinez in a note urged “greater selectivity” in 2020. Martinez cited accelerating bank stock outperformance late last year, as concerns about lower interest rates eased. That was positive, he said, but “valuations now incorporate the persistence of historically elevated profitability levels.”The UBS downgrades follow downgraded investment ratings for bank stocks including JPMorgan, Citigroup Inc., and Morgan Stanley earlier this week. Several analysts …read more
Source:: Yahoo Finance
