BUZZ-Bank of America upgraded to 'buy' rating by HSBC, UBS

HSBC and UBS upgrade their rating on shares of second-largest U.S. lender Bank of America BAC.N to "buy"

HSBC raises PT to $50 from $45, a 10.1% upside to stock's last close; UBS raises PT to $53 from $43, a 16.7% upside to stock's last close

UBS says BAC trades at a wide discount to peers JPMorgan JPM.N and Wells Fargo WFC.N, which appears to be unjustified

Says that BAC is an underrated beneficiary of deregulation given it has the strongest inclination among U.S. large-cap banks to buy back stock

Street is underestimating BAC's earnings per share power in a higher-for-longer rate environment - UBS

HSBC says the recent pullback in bank stocks provides investors an opportunity to add exposure to a market leader with an attractive earnings and profitability outlook for the coming years

Eighteen of 24 brokerages rate the stock "buy" or higher, six "hold"; median PT is $52 - LSEG data

BAC stock rose 30.5% in 2024 vs a 32.8% jump in KBW Bank index .BKX

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))