Bank of America named Evercore's top bank for 2013
Evercore Partners names Bank of America its top stock pick for large banks
NEW YORK (AP) -- Shares of Bank of America Corp. rose Wednesday after they were highlighted by an investment firm.
THE SPARK: Evercore Partners named Bank of America its top stock pick among large banks for 2013.
THE ANALYSIS: Evercore's banking analyst, Andrew Marquardt, said that even though Bank of America's stock more than doubled in 2012, it still looks "attractive." In a note to clients, Marquardt also said the bank has the ability to boost its earnings over the next couple of years.
THE BIG PICTURE: Marquardt said Bank of America essentially replaces Wells Fargo & Co., previously Evercore's favorite big bank. The analyst recently lowered its outlook for Wells Fargo, based on its expectation of weaker earnings.
SHARE ACTION: Bank of America's stock was up 42 cents to $12.03 in late trading, a gain of 3.6 percent. Earlier Wednesday the bank's stock set a new 52-week high at $12.15.
