Credit Suisse analyst Susan Roth Katzke maintained a Neutral rating on Bank of America (BAC) but cut her price target to $35 from $36. In a research note to investors, she says that she has increased the weighting on her "gray sky valuation" to 25% from 15% and reduced the weighting on her "blue sky scenario" to 25% from 35%, and while she does not anticipate an imminent turn in the cycle, she feels she must recognize some increased probability relative to the status quo. For Bank of America, she says organic revenue growth, visible operating leverage, manageable credit cost increases and capital efficiency will drive realization of franchise value. The analyst also lowered her price targets on other large banks, including Morgan Stanley (MS), PNC (PNC), State Street (STT), Goldman Sachs (GS), JPMorgan (JPM) and Wells Fargo (WFC).

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Automotive data and software services provider Solera is weighing an initial public offering that may raise over $1B and has picked banks including Goldman Sachs (GS) and Morgan Stanley (MS) to work on the offering, people familiar with the matter told Bloomberg's Amy Or and Ryan Gould. Solera could launch an offering as soon as in July, the sources noted. Reference Link